By Kimberly Chin
Howard Hughes Corp. narrowed its losses in the first quarter as revenue rose in part because of a rise in condominium rights and unit sales from a year ago.
The real-estate development and management company posted a loss attributable to shareholders of $66.6 million, compared with a loss of $125.1 million a year ago. Its per-share loss was $1.20, compared with a $2.88 loss a year earlier.
Total revenue increased to $190.6 million from $175.2 million a year earlier. Condominium rights and unit sales rose to $37.2 million in the quarter, compared with $43,000 in the same period a year ago.
The company cut expenses by 28% from a year ago to $215.3 million.
Last month, the company tapped Correne Loeffler as its chief financial officer. She succeeds Chief Executive David O'Reilly, who has held the CFO role on an interim basis since the time of his appointment as CEO in December.
Write to Kimberly Chin at email@example.com