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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