Boston, MA 05/22/2013 (wallstreetpr) – The share prices of Comstock Holding Companies Inc. (NASDAQ:CHCI) increased by 6.32 percent to close at $3.03 per share for the end of trading session. The shares traded in the range $2.76 to $3.14 per share and Comstock Holding Companies Inc. (NASDAQ:CHCI) witnessed a below average trading volume of 397,606 shares being exchanged during the day.
The real estate development and services company, Comstock Holding Companies Inc. (NASDAQ:CHCI) recently reported the financial results for first quarter, 2013. The home building revenue for the company was observed to be $11.4 million which was higher than the revenue of $3.2 million for the previous year. Comstock Holding Companies Inc. (NASDAQ:CHCI) reported net income of $1.1 million from its continuing operations compared to the net loss of $1.4 million for the previous year. Such increase in revenue and net income for the company had resulted in increasing the forecasts for the fiscal year with positive outlooks.
The initiatives which were implemented to prepare for the market recovery after the housing downturn had effectively enabled the real estate company to register higher revenues from home building. The major initiatives taken up by Comstock Holding Companies Inc. (NASDAQ:CHCI) include building strong land acquisition teams, developing strong relationships with land developers and project lenders and enabling favourable access to project financing through commitment of the company’s personnel. Such effective planning and implementation of these initiatives had enabled Comstock Holding Companies Inc. (NASDAQ:CHCI) to be prepared and ready for tapping the market share as soon as the housing recovery started.
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