Newhall Land Profits Leap 71%, Revenues Rise 10%

Newhall Land and Farming Co. posted a 71% jump in its first-quarter profits on a 10% rise in revenues.

In the quarter that ended March 31, Newhall Land posted net income of $10.6 million, compared with net income of $6.2 million a year earlier. Revenues in the latest quarter rose to $36 million, up from $32.7 million.

The main reason for the company’s profit rise was the sale of a 208-unit apartment complex, which contributed $12.9 million to its operating income.

Newhall Land also said that it has 388 residential lots in Valencia that are now in escrow, worth about $23 million. Last year the company sold 318 residential lots.

Newhall Land is developing the master-planned community of Valencia.