Newhall Land Reports 40% Drop in Net Income

Still feeling the effect of the slumping real estate market, Newhall Land & Farming Co. reported a 40% drop in net income in its first quarter. For the period that ended March 31, Newhall’s net income was $7.9 million, down from $13.1 million a year earlier, mostly due to a decline in house sales. Revenue declined 24% to $37.3 million in the latest period from $49.2 million a year earlier.

Newhall is the developer of the master-planned community of Valencia in the Santa Clarita Valley.

The company said the sale of a 62-acre site to the U.S. Postal Service and a building to pharmaceutical distributor Bergen Brunswig Corp. contributed $8.3 million to first-quarter earnings.