Newhall Land Profits Fall Despite Revenue Increase

Newhall Land & Farming Co., still smarting from the weak real estate market, said its third-quarter earnings fell 39% from a year earlier despite a 17% increase in revenue.

In the quarter ended Sept. 30, Newhall’s net income dropped to $1.13 million from $1.85 million a year earlier. Its revenue climbed to $28.4 million from $24.3 million.

Thomas L. Lee, chairman of the Valencia-based company, said Newhall had no sales of industrial or commercial land in the latest quarter, and that “profit margins in residential lot sales have declined because of the competitive real estate environment.”

Newhall’s profit for the first nine months of 1992 slipped 6%, to $12.9 million from $13.7 million a year earlier, and its nine-month revenue fell 16%, to $72.9 million from $87.3 million.