Franco-Nevada Corp.said May 4 that its net income for the first quarter grew to US$30.0 million fromUS$19.2 million the previousyear. Basic EPS went up to 18 cents from 12 cents.
The board declared a quarterly dividend of 22 cents per share,up from the previous 21 cents per share, marking the ninth consecutive annual dividendincrease.
Adjusted EBITDA increased to US$103.7 million from US$83.3 million.
Revenue for the period was higher at US$132.0 million, comparedwith US$109.2 million in the same quarter in 2015. Some 95% of revenue was earnedfrom precious metals and 82% was earned from the Americas.
Costs and expenses increased on higher depletion expense andcosts of sales due to the Antaminaand Antapaccay .
The company produced a record 106,621 gold equivalent ounces,representing a 25% increase over the first three months of 2015.
"Franco-Nevada's recent investments at Antamina and Antapaccayhelped generate the record quarterly [gold equivalent ounces] and revenue results,"said CEO David Harquail. "The company now has over [US$186] million in cashand short-term investments and [US$1] billion in available credit facilities sois well positioned to continue to grow the portfolio."