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Franco-Nevada Corp. had a good quarter, more than doubling profits and hiking revenues by 44%.
The Toronto-based gold royalty streaming company (TSX, NYSE:FNV) netted $46.8 million in the first quarter compared to $21.2 million in the year-ago quarter, a 121% increase. Adjusted net income excluding foreign exchange transactions, gains or losses on sales of investments impairment charges nearly doubled from $22.1 million a year ago to $43.6 million this quarter. Revenues went from $73.1 million in Q1 2011 to $105 million. The financial results gave Franco-Nevada enough confidence to hike it dividend by 5 cents a share starting in July.
“Franco-Nevada had another solid quarter with significant growth year-over-year. This growth has allowed us to increase our dividend for the fifth consecutive year since going public,” Presidend and CEO David Harquail said in a statement.
Franco-Nevada said it derived most of its revenues this quarter from its Palmarejo and MWS assets, which generated a combined $36 million- up from $22.9 million last year on higher gold prices. Revenues from US operations totalled $19.4 million. Canadian gold assets generated $9.7 million and Australian gold properties brought in $2.9 million. The company also earned $13.7 million in revenues from its Sudbury PGM assets and $10.5 million from oil and gas assets.
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Business Consultant UK
It is good to explore the new wells and natural resources and R&D process should be continue and this will bring the new change in the economy and mastering it.