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Boston Pizza Royalties Q1 profit falls YOY

Boston Pizza Royalties Income Fund said its first-quarter normalized net income amounted to 18 Canadian cents per share, a decrease of 37.5% from 28 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$3.1 million, a decrease of 37.6% from C$5.0 million in the prior-year period.

The normalized profit margin declined to 49.2% from 67.6% in the year-earlier period.

Total revenue grew on an annual basis to C$7.7 million from C$7.5 million, and total operating expenses fell from the prior-year period to C$250,000 from C$260,000.

Reported net income fell 8.1% year over year to C$4.1 million, or 23 cents per share, from C$4.4 million, or 25 cents per share.