Covington Development Group: The Fullerton company blamed...
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From Times Staff and Wire Reports
Covington Development Group: The Fullerton company blamed a weak residential real estate market Tuesday for a $2.1-million loss last year on revenues of $68.5 million. In 1989 the home builder earned $4.2 million on revenue of $65.2 million. Covington said declining prices for its houses hurt earnings. The company said it also abandoned several projects near the end of the year because construction financing was difficult to come by.
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