A major sale of residential lots enabled Newhall Land & Farming Co. to post a 31% increase in its third-quarter profit compared to a year earlier.
Newhall, which is developing the community of Valencia, said net income in the quarter that ended Sept. 30 climbed to $28.4 million from $21.6 million a year ago. Its revenue rose 5% to $73.8 million from $70.1 million.
