Diversified Royalty Corp. said its normalized net income for the third quarter was C$2.8 million, compared with a loss of C$286,250 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 48.2% from negative 169.4% in the year-earlier period.

Total revenue climbed on an annual basis to C$5.7 million from C$169,000, and total operating expenses declined 10.0% year over year to C$720,000 from C$800,000.

Reported net income decreased 67.5% on an annual basis to C$2.7 million, or 3 cents per share, from C$8.3 million, or 21 cents per share.