Newhall Land’s 2nd-Quarter Profit Falls to $1 Million

Newhall Land and Farming Co. said its profits fell by more than half in the second quarter to $1 million from $2.3 million last year, despite a strong increase in revenues.

The Santa Clarita-based developer posted revenues of $21 million for the quarter that ended June 30, up 26% from $16.6 million a year earlier. In the recently ended quarter, Newhall Land continued its strategy of selling farm land with little or no development potential, selling off two ranches that contributed $3 million to revenues. Last year’s figures reflected the sale of a ranch for $9.9 million.

For the first half of the year, Newhall Land had a net income of $1.4 million, down 88% from the $11.8 million earned last year. Revenue fell 18% to $36.4 million from $44.5 million.