TECHNICALL OLYMPIC S.A. announced today that its US subsidiary "TECHNICAL OLYMPIC INC." (TOUSA) has released its Interim Report for the half year ended 30.09.2005.

More specifically:
Operating results presented a substantial increase, as its turnover amounted to $1,812.0 mn versus $1,430.3 mn in the corresponding period of 2004, up by 27%.
Net profits after tax reached $142.4 mn versus $70.2 mn in 2004 (+103%).
Also, for the same period, homes delivered (including those from joint ventures) rose by some 32% (from 5,010 to 6,632). In a similar fashion, the non-performing orders of new homes (homes backlog) increased by 75% on 30.09.2005 (from 6,171 to 10,813). More specifically, on 30/09/2005, the value of the aforementioned backlog orders amounted to $1.8 bn versus $1.7 bn on 30/09/2004, i.e. up by 6%. Moreover, in the 9M of 2005, the average selling price of the new homes rose at $288,000 from $275,000, i.e. by 5%.
Net profit margin, as a % on sales, was improved by 350 bps, reaching 8.6% from 5.1%.
Estimated net profits for the fiscal year 2006 of TOUSA remained stable at $285 mn. The management of TOUSA projects that the expected target for a net profit of $285 mn and an increase in the sale of homes between 10,600 and 11,200 will be achieved in 2006. Increases in the selling prices of homes, the demand for homes in specific markets as well as the improvement of the net profit margin outline a positive outlook for 2006.