Newhall Land & Farming Earns $37.5 Million in ’85
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In its first full year as a partnership, Newhall Land & Farming reported earnings of $37.5 million last year, up from pretax earnings of $23 million for the 10-month period ended Dec. 31, 1984.
Valencia-based Newhall had revenue of $152.3 million for 1985 contrasted to $110.5 million for the 10 months of 1984.
“Increased industrial land sales and record residential real estate activity were the major contributors to the year’s results,” said James F. Dickason, chairman of Newhall Management, the partnership’s managing general partner.
Newhall, a real estate and agricultural company that is one of the state’s biggest landowners, converted from a corporation to a partnership Jan. 8. As a result of the move, its earnings no longer are subject to corporate taxes and its fiscal year was changed.
For the fourth quarter ended Dec. 31, net income was $9.6 million on revenue of $50.2 million. There were no comparable figures released for a fourth quarter in 1984 because of the change in the fiscal year.
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