RED BANK: HOVNANIAN SHRINKS LOSS

hovanian hq 071715Hovnanian’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)

Red Bank-based home builder Hovnanian Enterprises‘ posted a sharply reduced net loss in its third fiscal quarter, compared to year-ago results, the company reported Friday.

The NASDAQ-traded said it lost $0.5 million, or nothing per common share, in the quarter, compared with a net loss of $7.7 million, or five cents per share, in the third quarter of the previous year. Revenue soared almost 33 percent in the latest quarter, to $716.9 million, the company reported.

For the nine months ended July 31, 2016, the net loss was $25.1 million, or 17 cents a share, compared with a net loss of $41.6 million, or 28 cents per share, in the year-prior, the company said.