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.