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Portsmouth Square swings to profit in fiscal Q3

Portsmouth Square Inc. said its normalized net income for the fiscal third quarter ended March 31 amounted to 34 cents per share, compared with a loss of 65 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 $250,880, compared with a loss of $480,750 in the prior-year period.

The normalized profit margin increased to 1.7% from negative 3.4% in the year-earlier period.

Total revenue increased year over year to $14.5 million from $14.0 million, and total operating expenses totaled $12.7 million, compared with $12.9 million in the year-earlier period.

Reported net income totaled a loss of $3.3 million, or a loss of $4.55 per share, compared to a loss of $705,000, or a loss of 96 cents per share, in the prior-year period.