Landowner St. Joe's third-quarter loss nearly triples

Hard off the collapse of a $130-million land sale, St. Joe Co. reported that its losses nearly tripled and its revenue was cut in half in the third quarter of this year. The Florida development company said it lost $19.2-million in the quarter that ended Sept. 30, compared with the $6.8-million it lost a year earlier. St. Joe is Florida's largest private landowner with 607,000 acres concentrated in the Florida Panhandle. Though an undisclosed buyer backed out of a deal last month to buy 67,000 acres worth $130-million, the company said its limited debt and cash holdings of $106-million should get it through the real estate slump.