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by CareyBot

Luxury home builder Toll Brothers on Tuesday said the slowing housing market contributed to a 19 percent drop in profit during its fiscal third quarter. The company reported income of $174.6 million, or $1.07 per share, for the quarter ended July 31, compared with $215.5 million, or $1.27 a share, during the same period a year earlier. Toll Brothers said write-downs related to land and an existing community in Detroit also contributed to the slide in quarterly earnings. Third-quarter total revenues were $1.53 billion, down from $1.55 billion the previous fiscal year. Third-quarter backlog was $5.59 billion, compared with the record $6.43 billion in fiscal 2005, and signed contracts were $1.05 billion, down from $1.92 billion. Robert I. Toll, chairman and CEO, said some of the market's cur...