Covington Technologies Lists Profit for Quarter

Despite a 32% decline in sales, Covington Technologies, the Fullerton real estate developer, reported profits of $146,000 for its third quarter Friday, a significant turn-around from the $324,000 loss in the year-ago period.

For the period ended Sept. 30, the company had sales of $10 million, compared with $14.7 million last year.

For the first nine months of the year, the company lost $466,000, compared with a profit of $130,000 last year. Sales during the period were $30.3 million, 29% below the $42.9 million posted last year.

In a prepared statement, Deyo P. Breen, chief financial officer, said that residential-development revenues for the first nine months of 1985 decreased 37% from the year before. The company said it sold 298 units with revenues of $25.5 million, compared to 579 units with revenues of $39.9 million for the corresponding period in 1984.