Newhall Land Doubles Earnings in 4th Quarter

Newhall Land & Farming Co., a Valencia real estate developer, reported that its fourth quarter earnings more than doubled, to $9.6 million from $4.26 million a year earlier. Its revenue in the quarter that ended Dec. 31 was $49 million, down 11% from $55.3 million in the same period of 1992.

For all of 1993, the company had a profit of $12.8 million, down 26% from $17.2 million in net income in the previous year. Its revenue fell 18% to $105.5 million from $128.2 million.

Newhall Land also said that its four-story office building in Valencia Town Center had some structural damage due to the Jan. 17 earthquake, but that it would take several days to determine the extent of that damage.

Valencia Town Center, the company’s shopping mall, which opened in 1992, had minor damage and was expected to reopen within a few days after the quake. The company said that it has earthquake insurance, which will limit its losses.

However, the collapse of parts of the Golden State and Antelope Valley freeways pose a long-term problem for the company because of lack of customer access to the Santa Clarita Valley.