Hovnanian Enterprises Inc. has informed that it has managed to narrow its previous year loss figures in the third-quarter of the fiscal year. The company has announced its Q3 financial results for the ongoing financial year.

The higher demand in the market has helped the company to trim its loss record in the reviewed quarter. However management of the company has blamed the weak sales figure in the May-July quarter.

The Red Bank based firm Hovnanian has said that its loss was recorded $72.9 million which is 92 cents a share in the quarter under review. For the similar quarter in the previous year, the company had suffered a loss of $168.9 million, or $2.16 a share.

Revenue of the firm has fallen down to $380.6 million in the third quarter of the current fiscal. Last year of its corresponding quarter the company had posted revenue of $387.1 million.

The company has also said that there are some of the major issues for the company like weak economic recovery, 9.5% of the rate of unemployment etc. Slow job growth and tight credit has also affected the earning of the company.