Newhall Land & Farming Doubles Profit for Quarter

Newhall Land & Farming Co., a real estate developer and agricultural concern based in Valencia, said its second-quarter profit more than doubled from a year earlier, to $6.5 million from $3.1 million.

Newhall, whose year-to-year earnings often vary widely depending on the number of properties it sells, attributed the gain to strong housing sales in Valencia which closed escrow in the quarter that ended June 30, and to sales of industrial land. The earnings gain came on a jump in revenue, to $32 million from $18.2 million.

For the first half of 1990, Newhall’s profit rose to $19.6 million from $11.5 million, and its six-month revenue climbed to $93.3 million from $67.3 million.