Barksgren Inc., a land developer with properties in Oregon and California, reported a 20 percent rise in fourth quarter earnings after the sale of approximately 50 lots in Northern California. The lots were purchased by the Spencer Corporation which buys land, builds and moves manufactured homes onto the property, and then fashions it into a gated community. Profits soared to nearly $8 million or 37 cents a share, from $6.5 million or 31 cents the previous quarter. Quarterly numbers were able to cancel out the total yearly loss in revenue from this time last year. Despite the sale, there was an overall decline in overall revenue of 4.5 percent from $193 million to $180 million. The decline has come in part because of rising land prices and lowered consumer spending in the real estate market. Company officials estimate that the decline in revenue will last for at least one more quarter or until the housing market adjusts to the recent crisis.
How much did fourth quarter profits rise?
(A) 1.5 million
(B) 5 million
© 8 million
(D) 3 million
The answer given is ©, but I think the answer should be (A), because the question asks how much the profits “rise”, not “rise to”.