K. Hov Reports Consecutive Quarterly Profits
After two years of losses, the Red Bank-based home builder has reported profits in consecutive quarters.
Red Bank-based national home builder K. Hovnanian has reported consecutive quarterly profits after two years of losses, the company revealed and the Wall Street Journal reported Thursday.
For the quarter, which ended July 31, Hovnanian reported a profit of $34.7 million compared to $50.9 million in loses a year before, the Journal reported. Overall, revenue rose 36 percent to $387 million.
K. Hovnanian generated a net income of $1.8 million in the second quarter after losing $72.7 million in the same time the year before.
According to the Journal, Hovnanian showed a jump in contracts and has begun to ramp up construction nation-wide.