Third-Quarter Loss: J.M. Peters Co. said Friday...

Third-Quarter Loss: J.M. Peters Co. said Friday that it lost $7.1 million in its fiscal 1991 third quarter as it sold raw land and finished homes at steep discounts in the sluggish Southland real estate market. The home builder reported a $5.7-million profit a year earlier. The company said revenue from housing sales for the three months ended Nov. 30 fell 44.6% to $39 million from $70.4 million in the year-earlier quarter. For the latest nine-month period, Peters posted a net loss of $6 million, contrasted with net earnings of $14.2 million a year earlier. Revenue for the nine months was $161.8 million, off 14.5% from $188.2 million a year earlier.