Pacific Gulf Properties in Black Thanks to Revenue Gain

Real estate investment trust Pacific Gulf Properties Inc. recorded a profit for the fourth quarter as revenue rose 48%.

The company said it earned $10.2 million, or 60 cents a share, contrasted with a net loss of $2.4 million, or 31 cents a share, for the fourth quarter a year earlier. Revenue increased to $20.3 million from $13.7 million. For 1997, net income rose to $20.6 million, or $1.47 a share, contrasted with a net loss of $118,000, or 2 cents a share, for 1996. Revenue advanced 39% to $69.5 million from $49.9 million.