Pacific Southwest Corp. Reports 32% Drop for Year

Pacific Southwest Corp., a land-development and business-services firm based in Northridge, said its fiscal 1987 profit fell 32% from the previous year, despite a revenue jump from $1.6 million to $2.4 million.

The company’s net income for the year ended July 31 fell to $365,306, or 19 cents a share, from $540,351, or 32 cents a share, in fiscal 1986.

Separately, Pacific Southwest announced acquisitions of two financial-services companies. Pacific Southwest said it agreed to buy Fresno-based Manchester Mortgage Co., a unit of North American Bank & Trust, for $866,000 in cash and notes.

Pacific Southwest said it also bought Huntington Equipment Leasing Corp. in Glendale for $306,000 in cash and notes. That deal was completed Nov. 1.