Toll Brothers revenue jumps 29.1 percent

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A nearly finished Toll Brothers home is seen in Broomfield, Colorado February 25, 2014. REUTERS/Rick Wilking (Copyright Reuters 2016)

U.S. luxury homes builder Toll Brothers Inc reported a 29.1 percent rise in quarterly revenue, boosted by higher home sales and an increase in average selling prices.

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The company said its revenue rose to $1.86 billion in the fourth quarter ended Oct. 31 from $1.44 billion a year earlier.

Net income fell to $114.4 million, or 67 cents per share, from $147.2 million, or 80 cents per share.

(Reporting by Arunima Banerjee in Bengaluru; Editing by Savio D'Souza)