Irvine-based Standard Pacific Corp. reported a narrowed third-quarter loss of $23.8 million on Thursday, after seeing revenue fall 18% from a year earlier.

The company lost $370 million a year earlier.

It’s the third consecutive quarter that the homebuilder managed to substantially reduce its year-over-year losses.

The third-quarter results included asset impairment charges of $7.8 million, related to a land and building sale. It took $368.4 million in impairments a year earlier.

Standard Pacific’s homebuilding revenue was $327.4 million in the third quarter, and included $57.5 million in land sales.

Revenue was down from $400.3 million a year earlier.

The company’s third-quarter loss was on par with analyst expectations. Revenues were about 20% higher than analysts expected.

The company generated $112.6 million from operations in the quarter, and now counts about $807 million in cash, including $283.3 million in restricted cash set aside for specific purposes.

Through a series of transactions made during the quarter, the builder also said it reduced the amount of debt that was scheduled to mature before 2013 from $528 million to $180 million.

Standard Pacific should “have ample liquidity to acquire land assets to support our growth when the upturn in the housing market occurs,” said Ken Campbell, the company's chief executive, in a statement.

Shares for the company were up slightly in afterhours trading. Standard Pacific counts a market value of about $320 million, up about $50 million in the past three months.