Tejon Ranch’s Profit Jumps Sharply in Quarter
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Tejon Ranch Co., citing lower expenses in its livestock business, said its third-quarter profit jumped sharply from a year earlier despite a 14% drop in revenue.
The Lebec-based company, which has livestock, farming and property-leasing operations, said net income in the three months that ended Sept. 30 rose to $245,000 from $39,000 a year earlier. Its revenue fell to $2.52 million from $2.93 million.
For the first nine months of this year, Tejon Ranch’s profit fell 6%, to $609,000 from $647,000 a year earlier, and its nine-month revenue rose 9%, to $9.24 million from $8.48 million.
Times Mirror Co., publisher of The Times, owns about 30% of Tejon Ranch’s stock.
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