FORM 10-QSB/A
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

(Mark One)

[XX]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                SECURITIES EXCHANGE ACT OF 1934

For Quarter Ended March 31, 1995

[  ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                       SECURITIES ACT OF 1934

For the transition period from                to

Commission File Number: 0-7775

                         WESTLAND DEVELOPMENT CO., INC.
              (Exact name of registrants specified in its charter)

           NEW MEXICO                             85-0165021

(State or other jurisdiction of                (I.R.S. Employer
 incorporation or organization)                 Identification No.)

                             401 Coors Blvd., N.W.,
                         Albuquerque, New Mexico 87121
                    (Address of principal executive offices)
                                   (Zip Code)

                                      N/A
        (Former name, former address and former three-months, if changed
                               since last report)


         Check whether the issuer (1) filed all reports  required to be filed by
Section 13 or 15(d) of the Securities Exchange Act during the past 12 months (or
for such shorter  period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.

Yes [X]  No [ ]

         The number of shares of the registrant's common stock outstanding as of
May 10, 1995, was:

     No Par Value Common:              716,608
     Class B $1.00 Par Value Common:    51,100
 
                                      
ITEM 2.           CHANGES IN SECURITIES
         NONE
ITEM 3.           DEFAULTS IN SENIOR SECURITIES
         NONE
ITEM 4.           SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
         (a)      Election of Directors
                  On November 1, 1994, at the Registrant's Annual Meeting
                  of the Shareholders, the shareholders elected three Class
                  A directors to its Board of Directors.  The persons so
                  elected are Barbara Page, Polecarpio "Lee" Anaya and
                  Raymundo Mares.
         (b)      Continuing Directors
                  The Registrant's Class B and Class C directors continued
                  after  the meeting.  The Registrant's Class B and Class
                  C directors are as follows:  Class B:  David C. Armijo,
                  Josie Castillo and Carmel Chavez.  Class C:  Sosimo
                  Sanchez Padilla, Carlos Saavedra and Abelino Herrera.
ITEM 5.  OTHER INFORMATION
         NONE
ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)  There are no exhibits required by Item 601 of Regulation
              S-K.
         (b) Reports on Form 8-K.  State  whether  any  reports on Form 8-K have
          been filed during the quarter for which this report is filed,  listing
          the items reported,  any financial  statements filed, and the dates of
          any such reports.

                           NONE

                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                         WESTLAND DEVELOPMENT CO., INC.


DATE:  May 12, 1995                     By:___________________________________
                                          Barbara Page, President,Chief
                                          Executive Officer and Chief 
                                          Accounting Officer

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