Real estate company Avatar Holdings Inc. (AVTR) Monday reported a net loss for the second quarter, compared to a profit in the year-ago period as sales were hurt by the weak economic environment.
The Coral Gables, Florida-based company reported a second quarter net loss of $6.54 million or $0.77 per share, compared to net income of $5.27 million or $0.55 per share in the year-ago period.
Revenues for the quarter plunged to $24.93 million from $81.26 million reported in the previous year.
The company noted that sales reflected the weak market for new single-family and multi-family residences and that it continues to experience a high level of cancellations of sales contracts for homes.
Year-to-date, the company reported a net loss of $7.10 million or $0.83 per share, compared to net income of $16.38 million or $1.63 per share reported last year. Revenues dropped to $55.46 million from $173.70 million generated last year.
Looking ahead, the company does not expect a meaningful improvement in its markets, in the near term.
AVTR is currently trading at $34.03, up $2.03 or 6.34%, on 3,785 shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.