Irvine Apartment Communities: The Newport Beach developer...

Irvine Apartment Communities: The Newport Beach developer of apartment properties in Irvine Ranch reported a profit of $7.3 million, or $1.45 a share, for 1994. That compared to pro forma profit of $6.8 million, or $1.39 a share, for the previous 12 months. Revenue rose 4% to $130.2 million from $124.8 million. For the fourth quarter, profit totaled $1.3 million, or 37 cents a share, compared to pro forma earnings of $2.2 million, or 36 cents a share, for the corresponding 1993 period.