Newhall Land & Farming’s Profits Fall in 1st Quarter

Newhall Land & Farming Co. said, as expected, its first-quarter profit fell sharply due to a lack of major land sales.

The Valencia-based real estate developer said earnings dropped 96% for the quarter ended Mar. 31, to $364,000 from $9.5 million a year ago. Revenue fell 45%, to $15.4 million from $27.8 million.

Newhall said last month that its earnings for both the first and second quarters of 1993 would be minimal due to California’s lingering recession and damage from this winter’s storms. Last week, the company said it anticipates that its second-half results will be stronger.