Shares in Meruelo Maddux Properties Inc., which had surged 30 percent early this week, declined a bit Wednesday after the large landowner in downtown Los Angeles reported a loss for the first quarter late Tuesday.
Meruelo Maddux posted a $4 million loss (-5 cents per share), compared with a loss of $3.5 million from the same period a year earlier. The company did not provide per share earnings for the year earlier period.
Revenue at the Los Angeles-based real estate firm decreased 2.2 percent to $7 million, as tightening credit standards made it more difficult to acquire loans for construction projects, the firm said in a statement.
"Enhancing our liquidity position remains a top priority," Chief Executive Richard Meruelo said in the statement.
Shares in Meruelo Maddux have added more than 30 percent so far this week after investors felt the stock was a bargain, being down 80 percent since its initial public offering a year and a half ago.
Shares in Meruelo Maddux dipped 2.7 percent to $2.19 in early trading Wednesday.
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