Harbor Custom Development has reported its financial results for the first quarter, which ended March 31, 2023.
The company’s CEO Sterling Griffin noted that, compared to the year-ago quarter’s record performance, its results during 1Q were unfavorably impacted by ongoing challenges in the housing market, including higher interest rates and inflationary pressures.
“We have taken and will continue to take cost control initiatives to help navigate changing market conditions and maintain the health of our balance sheet,” he said.
Griffin added that the company was encouraged by the progress of our multi-family projects and the progress of its long-term strategy during the quarter.
“Our unique portfolio enables us to adapt to changing demand trends in our key markets,” he said in a statement.
“Looking forward, as the summer selling and rental season approaches, we are confident in our opportunities to drive future growth and rebuild shareholder value.”
For the first quarter, the company achieved sales of $9.2 million, compared to $28.6 million in the comparable quarter in 2022. Harbor attributed the decrease to reduced developed lot, home, and entitle land sales.
Its net loss was $4.9 million, compared to a net profit of $1.6 million in the year-ago quarter.
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