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Osisko Gold ups earned Q2 gold equivalent output by 12% YOY, profit falls

Osisko Gold Royalties Ltd. booked record earned gold equivalent output of 10,863 ounces in the second quarter, an increase of 12% over the same quarter in 2016.

Revenues rose by 16% year over year to a record C$18.4 million, on the back of higher in-kind royalties earned and sold, according to the Aug. 3 results.

The company's net earnings attributable to shareholders fell to C$11.0 million in the second quarter from C$15.7 million in the year-ago period.

It attributed the decline mainly to a foreign exchange loss and the absence of dividend income following the sale of its shares in Labrador Iron Ore Royalty Corp.

Osisko lifted the forecast for attributable royalties to between 55,300 and 65,700 gold equivalent ounces, from between 43,300 and 46,100 gold equivalent ounces, for the full year.

The updated estimate includes the August to December impact of a precious metals asset portfolio that the company acquired from Orion Mine Finance Group.

The company declared a second-quarter dividend of 5 cents per share, up 25% from the previous quarter.