Newhall Land Posts 62% Gain in 3rd Quarter

Newhall Land & Farming Co., a Valencia residential real estate developer still feeling the effects of the depressed Southern California housing market, nevertheless reported a 62% gain in its fiscal third-quarter earnings.

In the three months that ended Sept. 30, the company earned $1.83 million, up from $1.13 million in net income a year before. It managed the increase partly because of the opening of its regional mall, the Valencia Town Center; the sale of a 1.9-acre parcel in Valencia Auto Center for $1.1 million, and other land sales.

However, its third-quarter revenue fell 29%, to $20 million from $28.4 million.

For the nine months, Newhall Land & Farming earned $3.2 million, down 75% from a $12.9-million profit in the comparable year-ago period. Its revenue fell 23%, to $56.5 million, from $72.9 million.