Newhall Land Reports 67% Increase in Sales

Newhall Land & Farming Co., a developer of master-planned communities, posted a profit of $368,000 in the first quarter that ended March 31, compared with an earthquake-related loss of $3.6 million in the same period a year earlier.

The improved results came on quarterly sales of $25 million, up 67% from $15 million in the year-earlier period. The Valencia-based company attributed the increased revenues to greater sales of moderately priced homes and escrow closings from its joint-venture projects in Valencia.