Newhall Land & Farming Revenue Is Up Sharply
A major land sale helped Newhall Land & Farming’s first-quarter profit more than double from a year earlier.
Newhall Land, a Valencia-based partnership with interests in real-estate development and agriculture, said net income in the quarter ended March 31 jumped to $12.8 million, or 65 cents per partnership unit, from $4.97 million, or 24 cents per unit, a year earlier.
The latest profit included $11.2 million from Newhall Land’s sale of a 33.3-acre parcel of residential land. There were no such land sales by the company in the first quarter of 1987.
Newhall, whose units are traded on the New York Stock Exchange, said its first-quarter revenue rose 36% to $33.8 million from $24.9 million.
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