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 its fiscal quarter, as volume of 82,400 gold-equivalent ounces was down by 6.4%. Lower gold and copper prices also played a role. This left the company with net income of $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 expenses and new accounting guidance for equity securities. “As expected, deliveries from Mount Milligan during the first quarter were lower due to the suspension of operations earlier in the calendar year associated with water-availability issues,” says Tony Jensen, president and chief executive officer. “Peñasquito and Pueblo Viejo production were also lower but the operators expect improvements in the December quarter with higher grade ore anticipated.”
By Allen Sykora of Kitco News; firstname.lastname@example.org
Teranga 3Q Profit Declines; Record Output Reported
Thursday November 01, 2018 08:41
Teranga Gold Corp. (TSX: TGZ) says it posted record production in the third quarter, although its profit was down from 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-year period. The decline was blamed on higher income-tax expense, higher depreciation expense, a new accounting standard that increases non-cash accretion 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, a year ago. The company achieved record production in the third quarter at Sabodala 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 between 235,000 and 240,000 ounces, up from original guidance of between 210,000 and 225,000 ounces. “With record year-to-date production at Sabodala in Senegal, we expect 2018 to set a new high for gold production after record-breaking years in 2016 and 2017,” says Paul Chawrun, chief operating officer.