Newhall Land’s 1997 Net Income Should Match 1996

At its annual shareholders meeting, Newhall Land & Farming Co.’s chief executive said that he expects the company’s net income this year to be about the same as the $41.9 million profit in 1996.

Newhall’s CEO Thomas Lee also said that the company expects to sell soon a 208-unit apartment complex for $18.3 million, which will provide about $12.8 million in income. Newhall Land is the developer of the master-planned community of Valencia, where the company is based.

Lee also said that some 13,000 homes and apartments are yet to be built in Valencia, and the company’s goal is to win approval for these residences in the next two years. Newhall Land hopes to complete that project in nine years.