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Santa Fe Financial swings to profit in fiscal Q3

Santa Fe Financial Corp. said its normalized net income for the fiscal third quarter ended March 31 amounted to 79 cents per share, compared with a loss of 61 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 $986,250, compared with a loss of $763,250 in the prior-year period.

The normalized profit margin increased to 6.9% from negative 5.7% in the year-earlier period.

Total revenue increased 5.5% year over year to $14.2 million from $13.5 million, and total operating expenses fell year over year to $12.9 million from $13.1 million.

Reported net income came to a loss of $2.5 million, or a loss of $2.03 per share, compared to a loss of $909,000, or a loss of 73 cents per share, in the prior-year period.