For a company whose principal assets are unhedged gold royalties,
The Toronto-based royalty company turned a $113.4-million profit (72 per share) on revenue of $284.3 million in its fiscal year, up from a $97.6-million profit on earnings of $218.2 million in the year ended March 31, 2000. Higher revenue from royalties on platinum and palladium production at the namesake operation of
Franco’s wholly owned Ken Snyder mine produced 216,000 oz. gold and 2.1 million oz. silver in the fiscal year, its best production figure ever. Cash production costs increased, however, to US$114 per oz. from US$96 in the previous year.
Franco also took a $28.2-million charge on the carrying value of some of its gold assets, including writedowns of the value of some operations nearing closure. It booked gains on the sale of royalty trust units in the San Juan Basin oil field ($15.2 million) and on the sale of its Inco VBN-class shares to
Franco and
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