1st-Quarter Profit Up 40% at Newhall Resources

Newhall Resources, a Valencia-based oil and gas concern, reported a 40% gain in first-quarter profit on a 39% increase in revenue.

Newhall Resources, a partnership whose units are publicly traded, said net income in the quarter ended March 27climbed to $1.04 million, or 24 cents per unit, from $742,000, or 17 cents per unit, a year earlier. Revenue rose to $2.06 million from $1.48 million.

The partnership was spun off four years ago from Newhall Land & Farming, a real estate and agricultural company also based in Valencia. However, Newhall Land recently agreed to repurchase Newhall Resources for $30.7 million.