Incomnet Profit Doubles Despite Drop in Revenue

Incomnet Inc., a Westlake Village operator of a computerized auto-parts trading network, said its first-quarter profit more than doubled from a year earlier despite a 40% drop in revenue.

In the quarter ended March 31, Incomnet’s net income rose to $104,543 from $50,689, despite a drop in revenue to $477,316 from $795,570.

Incomnet said the lower revenue partly reflected a drop in car sales, but that the company had cut its overhead costs proportionately to increase its earnings.