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Portsmouth Square fiscal Q2 loss widens 74.2% YOY

Portsmouth Square Inc. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, was a loss of 84 cents per share, compared with a loss of 48 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 a loss of $616,750, compared with a loss of $354,130 in the prior-year period.

The normalized profit margin dropped to negative 4.5% from negative 2.5% in the year-earlier period.

Total revenue fell on an annual basis to $13.7 million from $14.0 million, and total operating expenses totaled $12.8 million, compared with $12.9 million in the prior-year period.

Reported net income came to a loss of $1.8 million, or a loss of $2.42 per share, compared to a loss of $653,000, or a loss of 89 cents per share, in the prior-year period.