Portsmouth Square Inc. said its normalized net income for the fiscal first quarter ended Sept. 30 amounted to 80 cents per share, a gain from 2 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 $586,250, a gain from $18,250 in the year-earlier period.

The normalized profit margin increased to 3.9% from 0.1% in the year-earlier period.

Total revenue climbed on an annual basis to $15.1 million from $14.8 million, and total operating expenses fell year over year to $12.1 million from $12.7 million.

Reported net income totaled $595,000, or 81 cents per share, compared to a loss of $285,000, or a loss of 39 cents per share, in the year-earlier period.