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Portsmouth Square fiscal Q3 loss narrows YOY

Portsmouth Square Inc. said its normalized net income for the fiscal third quarter ended March 31 was a loss of 65 cents per share, compared with a loss of 97 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $480,750, compared with a loss of $715,000 in the prior-year period.

The normalized profit margin climbed to negative 3.4% from negative 6.0% in the year-earlier period.

Total revenue climbed 18.0% year over year to $14.0 million from $11.8 million, and total operating expenses increased 14.3% on an annual basis to $12.9 million from $11.2 million.

Reported net income came to a loss of $705,000, or a loss of 96 cents per share, compared to a loss of $487,000, or a loss of 66 cents per share, in the year-earlier period.