RED BANK: HOV SHRINKS LOSS IN TOUGH YEAR
Hovnanian’s headquarters in Red Bank. (Photo by John T. Ward. Click to enlarge)
Homebuilder Hovnanian Enterprises‘ posted a steeply reduced net loss in its latest fiscal year, which its chairman called “very challenging,” the Red Bank-based company reported Thursday.
The NASDAQ-traded said its revenue for the year ended October 31 soared 28 percent, to $2.75 billion, including a 16-percent jump in fourth-quarter revenue.
The fourth quarter was profitable, with a net of $22.3 million, down from $25.5 million in the previous year, according to the report.
Still, the company reported a net loss of $2.8 million, down from a net loss of $16.1 million in the previous year.