Horsham-based Toll Brothers says fourth-quarter profit declined nearly 70 percent  to $15 million, or 9 cents per share, compared with  $50.5 million, or 30 cents per share, in the same period of 2010..

The builder of luxury homes says the decline was the result of write-downs on inventory and joint ventures, in addition to charges related to debt retirement. A tax benefit in the fourth quarter of 2010 boosted the builder's income in that period.

Without the charges, fourth-quarter pretax income would have hit $33.9 million, up from $18.1 million a year ago. Revenue increased to $427.8 million from $402.6 million in 2010 in the fourth quarter.