Revenue grew but profit shrank during the third quarter for a Texas-based real estate development firm building condominium towers in Kakaako.

Howard Hughes Corp. reported Tuesday $241 million in revenue for the three months ended Sept. 30, compared with $203 million in the same period last year. Most of the revenue in the recent quarter came from sales at Ward Village, where the company has four condo towers under construction.

Hughes Corp. said Hawaii condo sale proceeds accounted for $115 million of revenue, which was more than other segments of the company’s business, which also includes mainland land sales and commercial property rental income.

Net income totaled $8 million in the recent quarter. That was down drastically from $156 million a year earlier but mainly due to a noncash gain in the year-earlier quarter tied to the value of rights by shareholders to acquire stock in the company.

“We continue to advance our plans at Ward Village where Waiea, our first residential tower, is nearing completion,” company CEO David Weinreb said in a statement. “It is gratifying to see our vision for this vibrant community beginning to take shape.”

Within the next couple of weeks, Waiea residents are expected to begin moving into their new homes at the corner of Ala Moana Boulevard and Kamakee Street.

How condo sales produce revenue for Hughes Corp. is a bit unconventional. The company doesn’t actually receive cash for the full price of a unit when a sale is made because the towers, which typically take two years to build, need to be completed before buyers make full payment. However, it also doesn’t wait until a tower is completed before booking unit sale revenue as many developers do. Instead, Hughes Corp. recognizes portions of revenue from unit sales in steps as a tower progresses toward completion.

This is allowed under a “percentage of completion” accounting practice, though Hughes Corp. noted that its use of the practice won’t be allowed beyond Dec. 15, 2017.

Hughes Corp. said it booked about $36 million more condo sale revenue in the third quarter primarily from Anaha, construction of which began in 2014. Hughes Corp. began claiming revenue on it in the second quarter of 2015. Construction is about 60 percent complete.

As of Oct. 20, 94 percent of Anaha units have been sold, or 299 of 317 units. That was seven more sales than what Hughes Corp. reported as of July 13.

Overall, Hughes Corp. said it sold 38 more condos between July 13 and Oct. 20 at five Ward Village tower projects, including one that has yet to break ground.

There were two more sales at Waiea, where 160 of 174 units have been sold.

At Ae‘o, a tower to be anchored by a Whole Foods store, 17 more sales upped the total to 258 of 466 units. Hughes Corp. began construction on this tower in February and expects to begin recognizing Ae‘o revenue in the fourth quarter.

Construction began on a fourth tower called Ke Kilohana last month. Hughes Corp. added 12 sales over the last roughly three months after it began selling 49 market-priced units. Another 375 units reserved for moderate-income residents in the 424-unit tower previously sold out.

The fifth Ward Village tower in which Hughes Corp. has been selling units is the first of two Gateway Towers that will replace part of the Ward Warehouse retail complex. Sales for this tower with 125 units began in July 2015 but the developer has declined to disclose sale results. Hughes Corp. hasn’t projected when it expects to start construction on this tower, but said it would not be before July.