Ryland Group, a homebuilder based in Calabasas, trimmed its losses in the second quarter despite a significant reduction in the number of new home orders.

The company on Wednesday reported a net loss of $21.8 million (49 cents per share) for the second quarter. Last year, the company reported a net loss of $73.7 million ($1.70) in the same period.

In the quarter, revenue rose to $362 million, a 39 percent increase from $262 million in 2009’s second quarter.

Orders for new homes totaled 958, a 44 percent reduction from the same period in 2009.

Prior to announcement of the results, shares of Ryland closed at $16.34, down 5 percent for the day. In after hours trading, the stock dropped less $16.22.