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Royal Gold increases Q2'17 net income by 58.8% YOY to US$28.1M, ups dividend 5%

Royal Gold Inc. on Feb. 1 posted a net income attributable of US$28.1 million, or 43 cents per share, for the three months ended Dec. 31, a 58.8% increase from US$15.1 million, or 23 cents per share, for the same period of fiscal 2016.

Revenue in the period jumped 9% year over year to about US$107 million, which included stream revenue of US$74.0 million and royalty revenue of US$32.9 million. This was helped by a 10% yearly increase in the average gold price to US$1,222 per ounce during the second quarter of the 2017 financial year.

Royal Gold also reported volume of 87,600 gold equivalent ounces, in line with the same quarter of fiscal 2016.

Quarterly stream segment gold purchases and sales totaled 52,600 ounces, down from the purchases of 75,800 ounces and sales of 61,600 ounces in the corresponding year-ago period. Stream segment silver purchases, meanwhile, came in at 322,500 ounces and silver sales were 543,300 ounces. No silver stream purchases or sales were reported in the year-ago period.

The company generated its highest-ever operating cash flow of US$69.7 million in the second quarter of fiscal 2017, reflecting a 34% year-over-year increase.

Meanwhile, Royal Gold declared a quarterly dividend of 24 cents per share, which is 5% higher than the dividend declared for the second quarter of fiscal 2016.

For the first half of fiscal 2017, the company returned to a profit of US$57.9 million, from the net loss of US$29.9 million in the year-ago period. Meanwhile, revenue for the six-month period totaled US$224.9 million, significantly up from US$172.1 million a year earlier.