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.