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Santa Fe Financial swings to loss in fiscal Q2

Santa Fe Financial Corp. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to a loss of 57 cents per share, compared with $3.45 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 $707,500, compared with income of $4.3 million in the year-earlier period.

The normalized profit margin fell to negative 5.2% from 33.4% in the year-earlier period.

Total revenue grew 5.9% on an annual basis to $13.6 million from $12.8 million, and total operating expenses increased 23.2% from the prior-year period to $13.0 million from $10.6 million.

Reported net income totaled a loss of $772,000, or a loss of 62 cents per share, compared to a loss of $6.0 million, or a loss of $4.81 per share, in the prior-year period.