Top-five homebuilder Lennar Corp on Wednesday reported a narrower quarterly loss, mainly helped by improved traffic levels and higher backlog, and said it is on track with its goal to be profitable in fiscal 2010.

Based in Miami, Lennar reported a first-quarter loss of $6.5 million, or 4 cents per share, compared with a loss of $155.9 million, or 98 cents per share, a year earlier.

Revenue fell 3 percent to $574.4 million.

Shares of the company closed at $17.06 Tuesday on the New York Stock Exchange.

(Reporting by Bijoy Koyitty in Bangalore; Editing by Anne Pallivathuckal)