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Boston Pizza Royalties Q3 profit climbs 36.4% YOY

Boston Pizza Royalties Income Fund said its third-quarter normalized net income came to 24 Canadian cents per share, an increase from 24 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 C$5.7 million, an increase of 36.4% from C$4.2 million in the year-earlier period.

The normalized profit margin declined to 50.6% from 52.0% in the year-earlier period.

Total revenue increased 40.2% on an annual basis to C$11.3 million from C$8.1 million, and total operating expenses rose 66.7% year over year to C$395,000 from C$237,000.

Reported net income came to a loss of C$10.6 million, or a loss of 45 cents per share, compared to income of C$4.9 million, or 28 cents per share, in the prior-year period.