Richmond, Virginia-based LandAmerica Financial Group, Inc., reported this week that the company experienced a net income loss of $24.2 million during the first quarter of 2008, compared to earnings of $4.7 million during the same quarter of last year.

The company’s total revenue also declined, hitting $686.4 million in the first quarter, compared to $948.6 during the same quarter of 2007.
“Our first quarter results reflect the persistently challenging economic conditions and the measures we have taken during the latter half of 2007 to significantly reduce operating costs,” said Chairman and Chief Executive Officer Theodore L. Chandler, Jr. “Tight mortgage lending conditions from reduced liquidity in the mortgage-backed securities market were factors in keeping transactional demand at bay. These conditions, coupled with a reduction in our commercial business and some increased severity in claims, compressed margins during first quarter 2008”