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Keg Royalties Income Fund swings to loss in Q1

The Keg Royalties Income Fund said its normalized net income for the first quarter amounted to a loss of 23 Canadian cents per share, compared with 18 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$2.6 million, compared with income of C$2.7 million in the year-earlier period.

The normalized profit margin declined to negative 38.0% from 41.2% in the year-earlier period.

Total revenue increased 7.3% year over year to C$6.9 million from C$6.4 million, and total operating expenses climbed year over year to C$96,000 from C$92,000.

Reported net income came to a loss of C$5.4 million, or a loss of 48 cents per share, compared to income of C$3.8 million, or 26 cents per share, in the year-earlier period.