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Kennedy Wilson Reports 30% Rise in Profits

BEVERLY HILLS, CA-The real estate investment and service company reports net income for the third quarter ended Sept. 30 increased 30% to $835,000 or $0.08 per diluted share, compared to $640,000 or $0.07 per share for the third quarter of 2001.

By Bob Howard | Updated on November 15, 2002

BEVERLY HILLS, CA-Kennedy Wilson’s net income increased by 30% for the third quarter ended Sept. 30 as revenue rose in all divisions save for residential real estate sales, a business the company has exited.

The company reported its earnings increased to $835,000, or eight cents per diluted share, compared to $640,000, or seven cents per share, for the third quarter of 2001. Revenue rose to $15.579 million for the quarter, up from $14.780 in the third quarter of last year.

The company reported that in the third quarter it completed a previously announced secondary public stock offering and the private sale of 2,000 shares of the stock of its Japanese subsidiary, recording a gain of $4.1 million on the transaction and retaining ownership of 37% of the subsidiary’s shares.

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