Lot Sales Hike Profit for Newhall Land & Farming

A major sale of residential lots enabled Newhall Land & Farming Co. to post a 31% increase in its third-quarter profit compared to a year earlier.

Newhall, which is developing the community of Valencia, said net income in the quarter that ended Sept. 30 climbed to $28.4 million from $21.6 million a year ago. Its revenue rose 5% to $73.8 million from $70.1 million.

During the quarter, Newhall sold 238 single-family housing lots for $43 million, which contributed about $22 million to its latest profit.

For the first nine months of 1989, Newhall’s earnings fell 8%, to $39.9 million from $43.6 million a year earlier, and its revenue edged up 2% to $141.1 million from $138.5 million.