Royal Gold Inc. booked a net loss attributable to shareholders of US$14.8 million in the second quarter of fiscal 2018, swinging from a year-ago net income of US$28.1 million, it said Feb. 7.
The company recorded an expense of US$26.4 million in connection with U.S. tax reforms. The company also booked an expense of US$15.9 million related to impact of a noncash functional currency election to file certain Canadian income tax returns in U.S. dollars.
Revenue, meanwhile, rose year over year to US$114.3 million from US$107.0 million, including stream revenue of US$79.3 million and royalty revenue of US$35.1 million.
The improvement was attributed to higher gold production at Andacollo, Wassa and Prestea, and new gold production from the Rainy River stream, partially offset by a net revenue decrease at Mount Milligan.
Royal Gold expects a temporary shutdown at Mount Milligan to impact its mid-calendar 2018 results, as some of the gold and copper deliveries that were expected in the June through August period will be deferred.
Quarterly gold stream purchases totaled 50,800 ounces, down from 52,600 ounces in the second quarter of fiscal 2017, while gold sales also fell to 51,800 ounces from 52,600 ounces.
Silver stream purchases declined significantly on a yearly basis to 272,100 ounces compared to 322,500 ounces. Silver sales slid to 469,600 ounces from 543,300 ounces in the same three-month period a year earlier.
Second-quarter copper stream purchases reached 2,414 tonnes, with sales coming in at 1,988 tonnes.
Meanwhile, Royal Gold declared a quarterly dividend of 25 cents per share, up from 24 cents in the second quarter of fiscal 2017.
