August 8, 2012 / 9:58 PM / 5 years ago

Franco-Nevada profit up as US revenue rises

1 Min Read

Aug 8 (Reuters) - Gold-focused royalty company Franco-Nevada Corp reported an 11 percent rise in quarterly profit on higher revenue from its U.S. assets.

Toronto-based Franco-Nevada provides miners upfront cash in exchange for future royalties and holds interests in precious metal, base metal, and oil and gas projects around the world.

The company said its 2012 revenue is likely to be at the lower end of its previously announced range of $430 million to $460 million due to weak commodity prices.

Second-quarter net income rose to $36.9 million, or 26 cents per basic share, from $33.3 million, or 27 cents per basic share, a year earlier.

On an adjusted basis, the company earned 24 cents per share.

Revenue fell 3 percent to $102.7 million. The company's gold assets in the United States generated $26.8 million in revenue, up 43.3 percent compared to a year earlier.

Franco-Nevada's shares, which have gained 25 percent so far this year, closed at C$48.70 on Wednesday on the Toronto Stock Exchange.

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