Newhall Land & Farming posted a 12% gain in fourth-quarter profit, but said net income for all of 1987 fell 9% from the previous year.
Newhall is a property-development and agricultural concern whose projects include the development of Valencia, where the company is headquartered. Newhall also is organized as a partnership whose units, which are similar to shares of stock, are publicly traded.
In the quarter ended Dec. 31, Newhall's earnings climbed to $16.3 million, or 80 cents per unit, from $14.5 million, or 71 cents per unit, a year earlier. Revenue rose 16% to $70.5 million from $60.9 million.
For the full year, Newhall's profit fell to $39.6 million, or $1.92 per unit, from $43.7 million, or $2.20 per unit, in 1986. The drop reflected fewer sales of industrial land, which offset a gain in housing sales, Newhall said. The company's annual revenue rose to $183.3 million from $169.2 million.