Profit up 20 percent for Hughes Corp. owner

The Rouse Co. on Tuesday reported second quarter funds from operations of $55.6 million, up 20 percent from the year-ago quarter.

Rouse owns the Howard Hughes Corp. of Las Vegas, Nevada's largest real estate developer. Besides developing the Summerlin master planned community, it has a big portfolio of Las Vegas retail, office, commercial and industrial properties.

Rouse said Summerlin home sales are nearing 2,000 for 1999 -- 45 percent ahead of last year's pace when Summerlin was the nation's No. 1 selling master planned community.

Rouse, based in Columbia, Md., said that on a per-share basis, funds from operations increased 13 percent to 70 cents.

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