Incomnet Profit Down 67% for Quarter

Incomnet Inc. of Westlake Village, which operates a computerized auto parts trading network, reported a 67% decline in net income despite a 26% increase in revenues in the first quarter ended March 31.

Net income in the latest quarter was $50,689 on revenues of $795,570, compared to $154,790 in net income on $630,864 in revenues a year earlier.

The company said the decline in net income was due to $36,000 in tax writedowns, $41,000 in reduced equity in a foreign subsidiary and $46,000 in depreciation and amortization expenses.