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Santa Fe Financial swings to profit in fiscal Q1

Santa Fe Financial Corp. said its normalized net income for the fiscal first quarter ended Sept. 30 came to 34 cents per share, compared with a loss of 32 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 $426,250, compared with a loss of $403,500 in the year-earlier period.

The normalized profit margin climbed to 2.8% from negative 2.8% in the year-earlier period.

Total revenue grew 7.9% on an annual basis to $15.4 million from $14.3 million, and total operating expenses declined from the prior-year period to $12.3 million from $12.9 million.

Reported net income totaled $331,000, or 27 cents per share, compared to a loss of $529,000, or a loss of 43 cents per share, in the prior-year period.