Newhall Land Earnings Rise With Housing Gains

Newhall Land & Farming Co., citing strong sales of new houses, said its first-quarter profit jumped 56% from a year earlier on a 36% increase in revenue.

Newhall, a real estate and agriculture concern that is developing the community of Valencia, said net income in the quarter ended March 31 climbed to $13.1 million from $8.41 million, while its revenue rose to $49.3 million from $36.2 million.

The company attributed the gains to higher housing sales and to the sale of two commercial land parcels for $7.4 million. In the latest quarter, Newhall closed the sale of 162 houses compared with 106 a year earlier.