Newhall Land Profits Down From Year Earlier

Newhall Land & Farming Co., citing the real estate slump, said its second-quarter profit dropped 39% from a year earlier on a 40% decline in revenue.

In the quarter ended June 30, the Valencia-based real estate developer’s net income tumbled to $3.97 million from $6.5 million a year earlier, and its revenue fell to $26.3 million from $44 million.

Newhall blamed the declines on fewer house sales at its master-planned community in Valencia, and said the sale of land in the region was the major contributor to its lower earnings.

Newhall’s profit also fell 39% for the first half of 1991, to $11.9 million from $19.6 million a year earlier, and its six-month revenue was down 32%, to $63.6 million from $93.2 million.