British Homebuilders Suffering Like U.S. Firms

London, England, Aug. 26, 2008--British homebuilder Bovis Homes Group PLC said profit for the first half of the year plunged by 83 percent, as banks reined in mortgage lending amid the credit crunch.

Net profit for the six months to June 30 was $12.7 million, down from $75.2 million a year earlier.

The company blamed the lack of available mortgages for the decline in profitability, which led to sales falling by 43 percent.

To cut costs, the company has already reduced production levels and is largely avoiding buying any new land.

Chief executive David Ritchie called the first six months of the year "the toughest period of trading" that Bovis "has experienced in its time as a public company."

On Thursday, Persimmon PLC, Britain's biggest homebuilder, posted a fall in first-half profit of 87 percent.

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