Pacific Gulf Net Up 23% for Quarter

Pacific Gulf Properties Inc., a Newport Beach real estate investment trust, reported net income of $652,000, or 12 cents a share, for the second quarter, up 23% from $529,000, or 11 cents a share, a year earlier. Revenue rose 42% to $11.9 million from $8.4 million. First-half profit declined 12%, to $945,000, or 18 cents a share, from $1.1 million, or 22 cents share. Revenue for the six months rose 35% to $22.7 million from $16.8 million.