Luxury home builder Toll Brothers reports third quarter loss

Toll Brothers, one of the US’s largest builder of luxury homes reported a net loss of $472.3 million, a substantial increase compared to Q3 2008, where the company lost $29.3 million. This brings the total losses for 2009 so far to $644.4 million, bringing their net debt-to-capital ratio down to 14.5% from 18% at the same point in time last year. The company claims to hold $1.66 billion in cash reserves, and $1.35 billion available under a credit facility offered by a consortium of 30 banks.

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