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Sir Royalty Income Fund Q1 profit climbs 7.0% YOY

Sir Royalty Income Fund said its first-quarter normalized net income was 16 Canadian cents per share, an increase from 16 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 C$1.6 million, an increase of 7.0% from C$1.5 million in the prior-year period.

The normalized profit margin increased to 60.1% from 59.7% in the year-earlier period.

Total revenue rose 6.2% year over year to C$2.7 million from C$2.5 million, and total operating expenses declined 10.8% on an annual basis to C$103,430 from C$115,950.

Reported net income increased 5.2% from the prior-year period to C$2.6 million, or 26 cents per share, from C$2.5 million, or 25 cents per share.