May 11, 2009 / 5:14 PM / 9 years ago

UPDATE 1-Franco-Nevada first-quarter profit slips

* Q1 EPS $0.04 vs $0.06 a year earlier

* Raises semi-annual dividend by 16.7 pct

* Shares up slightly in midday trade (In U.S. dollars unless noted)

TORONTO, May 11 (Reuters) - Franco-Nevada Corp (FNV.TO) said on Monday its first-quarter profit fell 6.4 percent as increased royalty revenues from its investments in gold projects failed to offset declines in revenue from its investments in oil, gas, platinum and palladium.

The mining royalty firm said it had net income of $3.8 million, or 4 cents a share, in the quarter ended March 31. That was down from a profit of $5.2 million, or 6 cents a share, in the year-before period.

Toronto-based Franco-Nevada, which holds royalty interests in precious metal mines, base metal mines, and other projects, also noted that its quarterly results were hurt by the decline in the Canadian dollar relative to the U.S. dollar.

The company raised its semi-annual dividend to 14 Canadian cents a share from 12 Canadian cents. The dividend will be paid on June 30 to shareholders of record as of June 16.

Franco Nevada’s shares were up 25 Canadian cents at C$26.39 in midday trade on the Toronto Stock Exchange on Monday.

$1=$1.16 Canadian Reporting by Euan Rocha; editing by Peter Galloway

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below