Pulte Homes Inc
on Tuesday reported a narrower first-quarter loss as charges to write down the value of its land declined.

The homebuilder posted a net loss of $514.8 million, or $2.02 per share, compared with a loss of $696.1 million, or $2.75 per share, last year.

Consolidated revenue fell 59 percent to $587.4 million.

Pulte is schedule to acquire rival homebuilder Centex Corp in the third quarter.

(Reporting by Helen Chernikoff; editing by Carol Bishopric)