Newhall Land & Farming Reports Drop in Income

Newhall Land & Farming Co., Valencia, announced net income for the third quarter ended Sept. 30 of $11.9 million compared with $16.3 million for the same period last year.

The company develops new towns and master-planned communities; Valencia was its first such venture. Newhall Land owns 36,000 acres 30 miles north of Los Angeles.