Royal Gold Reports Decline In Revenue, Net Income
Streaming and royalty company Royal Gold, Inc. (Nasdaq:RGLD) reports that revenue fell 11.1% year-on-year to $100 million in itsfiscal quarter, as volume of 82,400gold-equivalent ounces was down by 6.4%. Lower gold and copper prices alsoplayed a role. This left the company with net incomeof $15 million, or 23 cents per share, compared to $28.6 million, or 44 cents,in the year-ago period. The results were also affected by higher legal expensesand new accounting guidance for equity securities. “As expected, deliveries from Mount Milligan during the firstquarter were lower due to the suspension of operations earlier in the calendaryear associated with water-availability issues,” says Tony Jensen, presidentand chief executive officer. “Pe??asquito and Pueblo Viejo production were alsolower but the operators expect improvements in the December quarter with highergrade ore anticipated.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Teranga 3Q Profit Declines; Record OutputReported
Thursday November 01, 2018 08:41
Teranga Gold Corp. (TSX: TGZ) says itposted record production in the third quarter, although its profit was downfrom the same period a year ago. Third-quarter net profit fell to $7.9 million,or 7 cents per share, compared to $10.4 million, or 10 cents, in the prior-yearperiod. The decline was blamed on higher income-tax expense, higherdepreciation expense, a new accounting standard that increases non-cashaccretion expense and higher exploration expense. The adjusted net profit was$0.7 million, or a penny per share, compared to $5.2 million, or a nickel, ayear ago. The company achieved record production in the third quarter atSabodala of 56,376 ounces, up from 50,873 in the same period a year ago.Teranga says it is on track to achieve full-year 2018 production of between235,000 and 240,000 ounces, up from original guidance of between 210,000 and225,000 ounces. “With record year-to-date production at Sabodala in Senegal, weexpect 2018 to set a new high for gold production after record-breaking yearsin 2016 and 2017,” says Paul Chawrun, chief operating officer.
By Allen SykoraFor Kitco News
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asykora@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. |