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Portsmouth Square swings to loss in fiscal Q2

Portsmouth Square Inc. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was a loss of 48 cents per share, compared with $2.09 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 $354,130, compared with income of $1.5 million in the prior-year period.

The normalized profit margin dropped to negative 2.5% from 12.5% in the year-earlier period.

Total revenue grew 14.4% year over year to $14.0 million from $12.3 million, and total operating expenses increased 24.0% from the prior-year period to $12.9 million from $10.4 million.

Reported net income totaled a loss of $653,000, or a loss of 89 cents per share, compared to a loss of $8.7 million, or a loss of $11.79 per share, in the prior-year period.