U.K.-Based Homebuilder Profit Falls By More Than 72 Percent

Reading–Reduced residential building in the U.S. caused a 72.5 percent drop in interim pre-tax profits at Reading-headquartered homebuilder Wolseley, the Financial Times reported Monday.Wolseley’s U.S. stock subsidiary–which supplies homebuilding materials such as lumber–was primarily responsible for a £90 million ($180 million) decline in group trading profit. The company currently is cutting back on spending and reducing staff.“At some point we will hit bottom but I don’t think we’re there yet,” said Chip Hornsby, Wolseley chief executive.Over the past six months, debt has increased, but Hornsby said it should be lower by July. Wolseley already has cut 10,000 jobs in the past 18 months.