Newhall Land Expects Profit of $16 Million

Valencia real estate developer Newhall Land & Farming Co. said it expects to report a fourth-quarter profit of $16 million to $17 million on revenue of $62 million to $64 million. Newhall said its financial results in the quarter ended Dec. 31 were helped by three land sales for a total of $17 million.

In the fourth quarter a year earlier, Newhall earned $10.2 million on $51.9 million in revenue.

For all of 1991, Newhall said it expects to report a $29 million to $31 million profit, down from 1990’s profit of $38.4 million. Revenue is expected to total between $151 million and $153 million, in contrast to 1990’s revenue of $193.9 million. The company said its 1991 results were hurt by the depressed real estate market and slow housing sales.