Tejon Ranch 2nd-Quarter Profit Increases 31%
Tejon Ranch Co. in Lebec said its second-quarter profit rose 31% from a year earlier on a 70% jump in revenue.
The company, which has interests in livestock, farming and oil production, said net income in the quarter ended June 30 rose to $427,000 from $327,000 a year earlier. Its revenue climbed to $5.04 million from $2.96 million.
Increased cattle sales in the latest quarter offset lower oil, mineral, commercial lease and farming revenues, said Tejon Ranch, which is 25% owned by Times Mirror Co., publisher of the Los Angeles Times.
For the first half of 1992, Tejon Ranch’s profit fell 40%, to $364,000 from $608,000 a year earlier, and its six-month revenue rose 21%, to $6.72 million from $5.55 million.
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