Sale of 31 Acres Helps Newhall Post 36% Gain

Increased sales of industrial land helped Newhall Land & Farming post a 36% gain in second-quarter profit compared with a year earlier.

Newhall, a real estate and agricultural concern that is developing the community of Valencia, said net income in the quarter that ended June 30 jumped to $9.1 million, or 46 cents a partnership unit, from $6.7 million, or 32 cents a unit, a year earlier. Revenue fell 13% to $34.5 million from $39.5 million.

During the quarter, Newhall, which is organized as a limited partnership whose units are publicly traded, closed the sale of eight industrial parcels totaling 31 acres in Valencia’s industrial center.

For the first half of this year, Newhall’s earnings surged 88% to $22 million, or $1.11 per unit, from $11.7 million, or 56 cents per unit, a year earlier. Six-month revenue rose to $68.4 million from $64.4 million.