Tejon Ranch Co., citing the drought, said its second-quarter profit tumbled 65% from a year earlier on a 27% decline in revenue.
The Lebec-based company owns 270,000 acres of land about 60 miles north of Los Angeles, where it has cattle, farming and property-leasing operations. In the quarter ended June 30, Tejon Ranch's net income fell to $327,000 from $924,000 a year earlier, and its revenue dropped to $2.96 million from $4.07 million.
The lower earnings reflected fewer cattle sales, which in turn stemmed from reduced cattle stocks caused by the drought, Tejon Ranch said. Higher water and overhead costs also contributed to the lower profit, it said.
For the first half of 1991, Tejon Ranch's net income fell 26%, to $608,000 from $824,000, and its six-month revenue was nearly unchanged at $5.55 million.