Labrador Iron Ore Royalty Corporation - Results for the Second Quarter Ended
Labrador Iron Ore Royalty Corporation - Results for the Second Quarter Ended June 30, 2017
TORONTO
,
Aug. 2, 2017
/CNW/ - Labrador Iron Ore Royalty Corporation ("LIORC", TSX: LIF) announced today its operation and cash flow results for the second
quarter ended
June 30, 2017
.
Royalty revenue for the second quarter of 2017 amounted to
$33.8 million
as compared to
$25.3 million
for the second quarter of 2016. The shareholders' cash
flow from operations for the second quarter was
$45.6 million
or
$0.71
per share as compared to
$7.6 million
or
$0.12
per share for the same period in 2016.
LIORC received a dividend from Iron Ore Company of
Canada
("IOC") in the second quarter of 2017 in the amount of
$15.3 million
or
$0.24
per share. Equity
earnings/(losses) from IOC amounted to
$14.3 million
or
$0.22
per share as compared to
($0.5) million
or
($0.01)
per share in 2016. Net income was
$32.3 million
or
$0.50
per share compared to
$8.3 million
or
$0.13
per share for the same period in 2016.
The cash flow from operations, equity earnings and net income for the second quarter of 2017 were higher than the second quarter of 2016, mainly due to
improved prices for concentrate and pellets. As reported by Bloomberg, the benchmark iron ore price of 62% Fe CFR China averaged
US$63
per tonne in the
second quarter of 2017 and reached a high of
US$82
in April. The comparable average price in the second quarter of 2016 was
US$55
per tonne. Total sales
tonnage of concentrate for sale ("CFS") was 26% lower in the second quarter of 2017 compared to the same period in 2016. In the second quarter of 2017
concentrate was preferentially directed to the pellet plant due to the strong pellet demand and premiums. Pellet sales tonnages were consistent in the second
quarter of 2017 compared to the same period in 2016.
LIORC's results for the three months and six months ended
June 30
are summarized below:
(in millions except per share information)
3 Months
Ended
June 30,
2017
3 Months
Ended
June 30,
2016
6 Months
Ended
June 30,
2017
6 Months
Ended
June 30,
2016
(Unaudited)
Revenue
$34.2
$25.8
$77.6
$48.1
Cash flow from operations
$45.6
$7.6
$73.8
$20.1
Operating cash flow per share
$0.71
$0.12
$1.15
$0.31
Net income
$32.3
$8.3
$75.2
$19.3
Net income per share
$0.50
$0.13
$1.17
$0.30
Iron Ore Company of Canada Operations
Production
Total concentrate production in the second quarter of 2017 of 4.9 million tonnes was 4% higher than the second quarter of 2016 and was 2% higher than the first
quarter of 2017. Concentrate production in April and
May 2017
was lower than planned due to availability of the ore delivery system, ore hardness and ball mill
maintenance in the concentrator, offset somewhat by better weight yield than planned. Concentrate production in
June 2017
set a new record for the month.
Pellet production in the second quarter of 2017 was 1% higher than the second quarter of 2016 and 6% lower than the first quarter of 2017. All six pellet lines
operated in the first quarter of 2017 as planned. In the second quarter of 2017, the No. 2 pellet line was down for the scheduled refurbishment of the induration
machine. With the refurbishment of the No. 2 pellet line, CFS production was 8% higher in the second quarter of 2017 than in the second quarter of 2016 and 17%
higher than the first quarter of 2017.
Sales
Second quarter 2017 total iron ore tonnage sold by IOC (CFS plus pellets) was 9% below the total sales tonnage in the second quarter 2016. Sales were affected
by the concentrate production issues in April and
May 2017
referred to above. In the second quarter of 2017, the pellet sales tonnage was 5% higher and CFS
sales tonnage was 21% lower than the first quarter of 2017. The lower CFS sales were largely due to timing, since CFS production was strong in the second
quarter of 2017.
CFS sales are expected to catch up in the third quarter. Strong pellet demand and premiums supported maximizing pellet production and sales.
The benchmark price for 62% Fe CFR China was 14% higher in the second quarter of 2017 as compared to the second quarter of 2016 and pellet premiums were
also much improved. The Canadian dollar was 4% weaker in the second quarter of 2017 as compared to the second quarter of 2016. As a result of the stronger
CFR prices and pellet premiums, and the weaker Canadian dollar, the royalty revenue for LIORC in the second quarter of 2017 was 33% higher than the revenue in
last year's second quarter.
A summary of IOC's sales for calculating the royalty to LIORC in millions of tonnes is as follows:
3 Months
Ended
June 30,
2017
3 Months
Ended
June 30,
2016
6 Months
Ended
June 30,
2017
6 Months
Ended
June 30,
2016
Year
Ended
Dec. 31,
2016
Pellets
2.44
2.43
4.92
4.54
10.06
Concentrates
(1)
1.60
2.15
3.79
4.20
8.17
Total
4.04
4.58
8.71
8.74
18.23
(1)
Excludes third party ore sales
Outlook
IOC is expecting good production and sales tonnages in the third and fourth quarters of 2017. The induration machine for the No. 5 pellet line is scheduled to be
refurbished starting in late
September 2017
for approximately nine weeks.
Rio Tinto has maintained the IOC production guidance for 2017 of 11.4 to 12.4 million tonnes of iron ore pellets and concentrates for their 58.72% interest in IOC,
which is total saleable production of 19.4 to 21.1 million tonnes on a 100% basis. Achieving the low end of the guidance would be a 6% improvement over the
saleable production in 2016 of 18.2 million tonnes.
The 62% Fe CFR China benchmark iron ore price continued to fall in the second quarter of 2017, averaging
US$63
per tonne. However, in mid-June, the decline
down to
US$53
per tonne reversed and the price has improved recently to above
US$70
per tonne, supported by improved margins for Chinese steel mills. Many
iron ore price forecasts for the seaborne market expect the benchmark price to average below
US$60
per tonne for the year 2017, largely driven by the potential
increased supply, notably from
Brazil
. Reduced prices will likely reduce the domestic Chinese supply, which increased with the higher prices achieved in the last
few months of 2016 and into
March 2017
.
In recent weeks the Canadian dollar has strengthened, reflecting weakness in the U.S. dollar, and iron ore prices have also strengthened. These factors are
offsetting but could affect LIORC's results.
The IOC employees and management continue their efforts to increase production and reduce unit operating costs. We are encouraged by their progress with the
strong first quarter and
June 2017
production performance.
The LIORC cash balance at
June 30, 2017
stood at
$49.7 million
with LIORC dividends payable on
July 25, 2017
of
$38.4 million
. The net royalty from IOC was
paid on the same date, maintaining the Corporation's cash balance at more than
$30 million
. With a strong cash balance, iron ore prices at about
US$60
per
tonne, the exchange rate at present, and the expected increased production at IOC, LIORC is in a good position to maintain the regular dividend.
Respectfully submitted on behalf of the Directors of Labrador Iron Ore Royalty Corporation,
William H. McNeil
President and Chief Executive Officer
August 2, 2017
Management's Discussion and Analysis
The following discussion and analysis should be read in conjunction with the Management's Discussion and Analysis section of the Corporation's 2016 Annual
Report and the financial statements and notes contained therein. The Corporation's revenues are entirely dependent on the operations of IOC as its principal
assets relate to the operations of IOC and its principal source of revenue is the 7% royalty it receives on all sales of iron ore products by IOC. In addition to the
volume of iron ore sold, the Corporation's royalty revenue is affected by the price of iron ore and the Canadian – U.S. dollar exchange rate.
The first quarter sales of IOC are traditionally adversely affected by the closing of the St. Lawrence Seaway and general winter operating conditions and are
usually 15% – 20% of the annual volume, with the balance spread fairly evenly throughout the other three quarters. Because of the size of individual shipments,
some quarters may be affected by the timing of the loading of ships that can be delayed from one quarter to the next.
Royalty revenue for the second quarter of 2017 amounted to
$33.8 million
as compared to
$25.3 million
for the second quarter of 2016. The shareholders' cash
flow from operations for the second quarter was
$45.6 million
or
$0.71
per share as compared to
$7.6 million
or
$0.12
per share for the same period in 2016.
LIORC received a dividend from IOC in the second quarter of 2017 in the amount of
$15.3 million
or
$0.24
per share. Equity earnings/(losses) from IOC amounted
to
$14.3 million
or
$0.22
per share as compared to
($0.5) million
or
($0.01)
per share in 2016. Net income was
$32.3 million
or
$0.50
per share compared to
$8.3
million
or
$0.13
per share for the same period in 2016.
The cash flow from operations, equity earnings and net income for the second quarter of 2017 were higher than the second quarter of 2016, mainly due to
improved prices for concentrate and pellets. As reported by Bloomberg, the benchmark iron ore price of 62% Fe CFR China averaged
US$63
per tonne in the
second quarter of 2017 and reached a high of
US$82
in April. The comparable average price in the second quarter of 2016 was
US$55
per tonne. Total sales
tonnage of CFS was 26% lower in the second quarter of 2017 compared to the same period in 2016. In the second quarter of 2017 concentrate was preferentially
directed to the pellet plant due to the strong pellet demand and premiums. Pellet sales tonnages were consistent in the second quarter of 2017 compared to the
same period in 2016.
Total concentrate production in the second quarter of 2017 of 4.9 million tonnes was 4% higher than the second quarter of 2016 and was 2% higher than the first
quarter of 2017. Concentrate production in April and
May 2017
was lower than planned due to availability of the ore delivery system, ore hardness and ball mill
maintenance in the concentrator, offset somewhat by better weight yield than planned. Concentrate production in
June 2017
set a new record for the month.
Pellet production in the second quarter of 2017 was 1% higher than the second quarter of 2016 and 6% lower than the first quarter of 2017. All six pellet lines
operated in the first quarter of 2017 as planned. In the second quarter of 2017, the No. 2 pellet line was down for the scheduled refurbishment of the induration
machine. With the refurbishment of the No. 2 pellet line, CFS production was 8% higher in the second quarter of 2017 than in the second quarter of 2016 and
17% higher than in the first quarter of 2017.
Second quarter 2017 total iron ore tonnage sold by IOC (CFS plus pellets) was 9% below the total sales tonnage in the second quarter 2016. Sales were affected
by the concentrate production issues in April and
May 2017
referred to above. In the second quarter of 2017, the pellet sales tonnage was 5% higher and CFS
sales tonnage was 21% lower than the first quarter of 2017. The lower CFS sales were largely due to timing, since CFS production was strong in the second
quarter of 2017. CFS sales are expected to catch up in the third quarter. Strong pellet demand and premiums supported maximizing pellet production and sales.
The benchmark price for 62% Fe CFR China was 14% higher in the second quarter of 2017 as compared to the second quarter of 2016 and pellet premiums were
also much improved. The Canadian dollar was 4% weaker in the second quarter of 2017 as compared to the second quarter of 2016. As a result of the stronger
CFR prices and pellet premiums, and the weaker Canadian dollar, the royalty revenue for LIORC in the second quarter of 2017 was 33% higher than the revenue in
last year's second quarter.
Results for the six months were affected by the same factors as affected the three month period. Administrative expenses for the six months include a non-cash
foreign exchange loss of
$0.3 million
on the conversion of the dividend received from IOC in
December 2016
and the 2016 bonuses awarded by the Compensation
Committee to the executive officers totaling
$0.1 million
. Royalty and commission interests amortization expense increased
$0.6 million
for the six months due to
an increased amortization rate reflecting lower estimated total mineral resources over the prior year.
The following table sets out quarterly revenue, net income and cash flow data for 2017, 2016 and 2015.
Revenue
Net
Income
Net
Income
per Share
Cash Flow
Cash Flow
from
Operations
per Share
Adjusted
Cash Flow
per Share
(1)
Dividends
Declared per
Share
(in millions except per share information)
2017
First Quarter
$43.4
$42.9
$0.67
$28.2
(2)
$0.44
(2)
$0.53
(2)
$0.50
Second Quarter
$34.2
$32.3
$0.50
$45.6
(3)
$0.71
(3)
$0.53
(3)
$0.60
2016
First Quarter
$22.3
$11.0
$0.17
$12.5
$0.19
$0.19
$0.25
Second Quarter
$25.8
$8.3
$0.13
$7.6
$0.12
$0.22
$0.25
Third Quarter
$28.4
$21.2
$0.33
$15.2
$0.24
$0.24
$0.25
Fourth Quarter
$38.6
$37.7
$0.59
$28.3
(4)
$0.44
(4)
$0.57
(4)
$0.25
2015
First Quarter
$23.7
$10.0
$0.16
$15.2
$0.24
$0.20
$0.25
Second Quarter
$24.0
$15.4
$0.24
$12.5
$0.20
$0.21
$0.25
Third Quarter
$32.0
$19.0
$0.30
$12.2
$0.19
$0.28
$0.25
Fourth Quarter
$22.0
$10.3
$0.15
$20.0
$0.31
$0.19
$0.25
(1)
"Adjusted cash flow" (see below)
(2)
Includes $10.0 million IOC dividend.
(3)
Includes $15.3 million IOC dividend.
(4)
Includes $15.1 million IOC dividend.
Standardized Cash Flow and Adjusted Cash Flow
For the Corporation, standardized cash flow is the same as cash flow from operating activities as recorded in the Corporation's cash flow statements as the
Corporation does not incur capital expenditures or have any restrictions on dividends. Standardized cash flow per share was
$0.71
for the quarter (2016 -
$0.12
).
Cumulative standardized cash flow from inception of the Corporation is
$23.69
per share and total cash distributions since inception is
$23.04
per share, for a
payout ratio of 97%.
The Corporation also reports "Adjusted cash flow" which is defined as cash flow from operating activities after adjustments for changes in amounts receivable,
accounts payable and income taxes recoverable and payable. It is not a recognized measure under International Financial Reporting Standards ('IFRS"). The
Directors believe that adjusted cash flow is a useful analytical measure as it better reflects cash available for dividends to shareholders.
The following reconciles standardized cash flow from operating activities to adjusted cash flow (in '000's).
3 Months
Ended
June 30, 2017
3 Months
Ended
June 30, 2016
6 Months
Ended
June 30, 2017
6 Months
Ended
June 30, 2016
Standardized cash flow from operating activities
$45,576
$7,562
$73,758
$20,052
Excluding: changes in amounts receivable,
accounts payable and income taxes payable
(11,515)
6,328
(6,074)
6,101
Adjusted cash flow
$34,061
$13,890
$67,684
$26,153
Adjusted cash flow per share
$0.53
$0.22
$1.06
$0.41
Liquidity and Capital Resources
The Corporation had
$49.7 million
in cash as at
June 30, 2017
(
December 31, 2016
-
$23.9 million
) with total current assets of
$84.3 million
(
December 31, 2016
-
$62.9 million
). The Corporation had working capital of
$36.1 million
as at
June 30, 2017
(
December 31, 2016
-
$38.8 million
). The Corporation's operating cash flow
for the quarter was
$45.6 million
and the dividend paid during the quarter was
$32.0 million
, resulting in cash balances increasing
$13.6 million
during the second
quarter of 2017.
Cash balances consist of deposits in Canadian dollars with Canadian chartered banks. Amounts receivable primarily consist of royalty payments from IOC.
Royalty payments are received in U.S. dollars and converted to Canadian dollars on receipt, usually 25 days after the quarter end. The Corporation does not
normally attempt to hedge this short-term foreign currency exposure.
Operating cash flow of the Corporation is sourced entirely from IOC through the Corporation's 7% royalty,
10 cents
commission per tonne and dividends from its
15.10% equity interest in IOC. The Corporation intends to pay cash dividends of the net income derived from IOC to the maximum extent possible, subject to the
maintenance of appropriate levels of working capital.
The Corporation has a
$50 million
revolving credit facility with a term ending
September 18, 2019
with provision for annual one-year extensions. No amount is
currently drawn under this facility (2016 – nil) leaving
$50.0 million
available to provide for any capital required by IOC or requirements of the Corporation.
Outlook
IOC is expecting good production and sales tonnages in the third and fourth quarters of 2017. The induration machine for the No. 5 pellet line is scheduled to be
refurbished starting in late
September 2017
for approximately nine weeks.
Rio Tinto has maintained the IOC production guidance for 2017 of 11.4 to 12.4 million tonnes of iron ore pellets and concentrates for their 58.72% interest in IOC,
which is total saleable production of 21.1 to 19.4 million tonnes on a 100% basis. Achieving the low end of the guidance would be a 6% improvement over the
saleable production in 2016 of 18.2 million tonnes.
The 62% Fe CFR China benchmark iron ore price continued to fall in the second quarter of 2017, averaging
US$63
per tonne. However, in mid-June, the decline
down to
US$53
per tonne reversed and the price has improved recently to above
US$70
per tonne, supported by improved margins for Chinese steel mills. Many
iron ore price forecasts for the seaborne market expect the benchmark price to average below
US$60
per tonne for the year 2017, largely driven by the potential
increased supply, notably from
Brazil
. Reduced prices will likely reduce the domestic Chinese supply, which increased with the higher prices achieved in the last
few months of 2016 and into
March 2017
.
In recent weeks the Canadian dollar has strengthened, reflecting weakness in the U.S. dollar, and iron ore prices have also strengthened. These factors are
offsetting but could affect LIORC's results.
The IOC employees and management continue their efforts to increase production and reduce unit operating costs. We are encouraged by their progress with the
strong first quarter and
June 2017
production performance.
The LIORC cash balance at
June 30, 2017
stood at
$49.7 million
with LIORC dividends payable on
July 25, 2017
of
$38.4 million
. The net royalty from IOC was
paid on the same date, maintaining the Corporation's cash balance at more than
$30 million
. With a strong cash balance, iron ore prices at about
US$60
per
tonne, the exchange rate at present, and the expected increased production at IOC, LIORC is in a good position to maintain the regular dividend.
William H. McNeil
President and Chief Executive Officer
Toronto, Ontario
August 2, 2017
Forward-Looking Statements
This report may contain "forward-looking" statements that involve risks, uncertainties and other factors that may cause the actual results, performance or
achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Words
such as "may", "will", "expect", "believe", "plan", "intend", "should", "would", "anticipate" and other similar terminology are intended to identify forward-looking
statements. These statements reflect current assumptions and expectations regarding future events and operating performance as of the date of this report.
Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily
be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly, including iron ore price
and volume volatility, exchange rates, the performance of IOC, market conditions in the steel industry, mining risks and insurance, relationships with aboriginal
groups, changes affecting IOC's customers, competition from other iron ore producers, estimates of reserves and resources and government regulation and
taxation. A discussion of these factors is contained in LIORC's annual information form dated
March 2, 2017
under the heading, "Risk Factors". Although the
forward-looking statements contained in this report are based upon what management of LIORC believes are reasonable assumptions, LIORC cannot assure
investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this report and
LIORC assumes no obligation, except as required by law, to update any forward-looking statements to reflect new events or circumstances. This report should be
viewed in conjunction with LIORC's other publicly available filings, copies of which can be obtained electronically on SEDAR at
www.sedar.com
.
Notice:
The following unaudited interim condensed consolidated financial statements of the Corporation have been prepared by and are the responsibility of the
Corporation's management. The Corporation's independent auditor has not reviewed these interim financial statements.
LABRADOR IRON ORE ROYALTY CORPORATION
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
As at
June 30,
December 31,
(in thousands of Canadian dollars)
2017
2016
(Unaudited)
Assets
Current Assets
Cash
$
49,695
$
23,937
Amounts receivable
34,563
38,487
Income taxes recoverable
-
490
Total Current Assets
84,258
62,914
Non-Current Assets
Iron Ore Company of Canada ("IOC"),
royalty and commission interests
262,413
265,384
Investment in IOC
419,744
408,680
Total Non-Current Assets
682,157
674,064
Total Assets
$
766,415
$
736,978
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable
$
7,083
$
8,073
Dividend payable
38,400
16,000
Taxes Payable
2,650
-
Total Current Liabilities
48,133
24,073
Non-Current Liabilities
Deferred income taxes
129,860
129,060
Total Liabilities
177,993
153,133
Shareholders' Equity
Share capital
317,708
317,708
Retained earnings
281,357
276,588
Accumulated other comprehensive loss
(10,643)
(10,451)
588,422
583,845
Total Liabilities and Shareholders' Equity
$
766,415
$
736,978
Approved by the Directors,
William H. McNeil
Patricia M. Volker
Director
Director
LABRADOR IRON ORE ROYALTY CORPORATION
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three Months Ended
June 30,
(in thousands of Canadian dollars)
2017
2016
(Unaudited)
Revenue
IOC royalties
$
33,753
$
25,292
IOC commissions
397
450
Interest and other income
83
33
34,233
25,775
Expenses
Newfoundland royalty taxes
6,751
5,058
Amortization of royalty and commission interests
1,428
1,220
Administrative expenses
646
660
8,824
6,938
Income before equity earnings and income taxes
25,409
18,836
Equity earnings (losses) in IOC
14,326
(513)
Income before income taxes
39,736
18,323
Provision for income taxes
Current
8,034
6,165
Deferred
(553)
3,900
7,481
10,065
Net income for the period
32,255
8,258
Other comprehensive loss
Share of other comprehensive loss of IOC that will not be
reclassified subsequently to profit or loss
(net of income taxes of 2017 - $17; 2016 - $120)
(96)
(240)
Comprehensive income for the period
$
32,159
$
8,018
Net income per share
$
0.50
$
0.13
LABRADOR IRON ORE ROYALTY CORPORATION
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Six Months Ended
June 30,
(in thousands of Canadian dollars)
2017
2016
(Unaudited)
Revenue
IOC royalties
$
76,590
$
47,128
IOC commissions
857
860
Interest and other income
142
80
77,589
48,068
Expenses
Newfoundland royalty taxes
15,318
9,426
Amortization of royalty and commission interests
2,971
2,409
Administrative expenses
1,694
1,336
19,983
13,171
Income before equity earnings and income taxes
57,606
34,897
Equity earnings (losses) in IOC
36,563
(977)
Income before income taxes
94,169
33,920
Provision for income taxes
Current
18,166
11,154
Deferred
834
3,512
19,000
14,666
Net income for the period
75,169
19,254
Other comprehensive loss
Share of other comprehensive loss of IOC that will not be
reclassified subsequently to profit or loss (net of income taxes
of 2017 - $34; 2016 - $152)
(192)
(428)
Comprehensive income for the period
$
74,977
$
18,826
Net income per share
$
1.17
$
0.30
LABRADOR IRON ORE ROYALTY CORPORATION
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended
June 30,
(in thousands of Canadian dollars)
2017
2016
(Unaudited)
Net inflow (outflow) of cash related
to the following activities
Operating
Net income for the period
$
75,169
$
19,255
Items not affecting cash:
Equity (earnings) losses in IOC
(36,563)
976
Current income taxes
18,166
11,154
Deferred income taxes
834
3,512
Amortization of royalty and commission interests
2,971
2,409
Common share dividend from IOC
25,273
-
Change in amounts receivable
3,924
(8,538)
Change in accounts payable
(990)
1,555
Income taxes paid
(15,026)
(10,271)
Cash flow from operating activities
73,758
20,052
Financing
Dividends paid to shareholders
(48,000)
(32,000)
Cash flow used in financing activities
(48,000)
(32,000)
Increase (decrease) in cash, during the period
25,758
(11,948)
Cash, beginning of period
23,937
24,464
Cash, end of period
$
49,695
$
12,516
LABRADOR IRON ORE ROYALTY CORPORATION
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Accumulated
other
Share
Retained
comprehensive
(in thousands of Canadian dollars)
capital
earnings
loss
Total
Balance as at December 31, 2015
$
317,708
$
262,416
$
(11,150)
$
568,974
Net income for the period
-
19,255
-
19,255
Dividends declared to shareholders
-
(32,000)
-
(32,000)
Share of other comprehensive loss from
investment in IOC (net of taxes)
-
-
(428)
(428)
Balance as at June 30, 2016
$
317,708
$
249,671
$
(11,578)
$
555,801
Balance as at December 31, 2016
$
317,708
$
276,588
$
(10,451)
$
583,845
Net income for the period
-
75,169
-
75,169
Dividends declared to shareholders
-
(70,400)
-
(70,400)
Share of other comprehensive loss from
investment in IOC (net of taxes)
-
-
(192)
(192)
Balance as at June 30, 2017
$
317,708
$
281,357
$
(10,643)
$
588,422
The complete consolidated financial statements for the second quarter ended
June 30, 2017
, including the notes thereto, are posted on
sedar.com
and
labradorironore.com
.
SOURCE
Labrador Iron Ore Royalty Corporation
View original content: http://www.newswire.ca/en/releases/archive/August2017/02/c7353.html
%SEDAR: 00030172E
For further information:
William H. McNeil, President & Chief Executive Officer, (416) 863-7133
CO: Labrador Iron Ore Royalty Corporation
CNW 17:33e 02-AUG-17