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Royal Gold swings to FY'19 profit; Q4 earnings up 10.2% YOY

Royal Gold Inc. said Aug. 7 that it swung to a profit of US$93.8 million, or US$1.43 per share, for its full fiscal 2019 from a loss of US$113.1 million, or US$1.73 per share, a year earlier.

However, the Denver-based precious metals stream and royalty company's revenue for the year ended June 30 declined 7.8% to US$423.1 million, and operating cash flow sank 6.2% to US$72.3 million.

Gold equivalent volume totaled 335,000 ounces, against 354,000 ounces in the prior year. Cost of sales slid to $77.5 million from $83.8 million, on the back of lower gold and copper sales from the Mount Milligan mine in British Columbia, as well as a decline in gold sales from the Pueblo Viejo operation in the Dominican Republic.

Meanwhile, Royal Gold declared a dividend of 26.5 cents per share in the fourth quarter, up from 25 cents per share for the prior-year period and taking its full-year dividend to US$1.05 per share, up from 99 cents per share.

In the fourth quarter, net profit rose 10.2% to US$26.5 million, or 40 cents per share, from US$24.0 million, or 41 cents per share.

Lower gold and silver sales from Pueblo Viejo, as well as a decline in revenue from the Peñasquito operation in Mexico and other reductions in the royalty portfolio, weighed on quarterly revenues, which fell 0.5% to US$115.7 million from US$116.2 million. Operating income across the three months climbed 12.4% to US$40.7 million.

Higher contribution of gold and copper sales from Mount Milligan relative to total stream sales pushed cost of sales up to US$23.8 million from $22.2 million. The metals streaming company recognized an income tax expense of US$6.1 million in the quarter, compared to a year-ago US$4.7 million expense.

For the quarter ended June 30, gold equivalent volume totaled 88,400 ounces versus 89,000 ounces in the year-ago quarter.

Total debt as of June 30 was slashed to US$214.6 million from US$351.0 million.