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Labrador Iron Ore Royalty Corporation - Results for the Second Quarter Ended June 30, 2012
TORONTO, Aug. 8, 2012 /CNW/ - Labrador Iron Ore Royalty Corporation (TSX: LIF.UN) announced...
About this update from Labrador Iron Ore Royalty Corporation
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Aug. 8, 2012 /CNW/ - Labrador Iron Ore Royalty Corporation\n (TSX: LIF.UN) announced today its operation and cash flow results for\n the second quarter ended June 30, 2012.\n\n\nRoyalty income for the second quarter of 2012 amounted to $36.0 million\n as compared to $37.8 million for the second quarter of 2011. The\n unitholders' cash flow from operating activities after adjustments for\n changes in amounts receivable, accounts payable and income taxes\n payable (adjusted cash flow) for the quarter was $22.3 million or $0.35\n per unit compared to last year's $23.0 million or $0.36 per unit.  Net\n income was $36.8 million or $0.57 per unit compared to $48.2 million or\n $0.75 per unit for the same period in 2011. Equity earnings from Iron\n Ore Company of Canada (IOC) amounted to $18.2 million or $0.28 per unit\n as compared to $30.4 million or $0.48 per unit in 2011.\n\n\nAll net income, adjusted cash flow and per unit figures referred to in\n this report use the totals according to the financial statements plus\n (where applicable) the $7,488,000 ($0.117 per stapled unit) and\n $14,976,000 ($0.234 per stapled unit) interest on the subordinated\n notes for the three months and six months periods, respectively.\n\n\nIOC production and sales volumes for the quarter were above last year's\n second quarter but were still somewhat affected by the commissioning of\n the new ore delivery system and the additional grinding mill. We\n reported last quarter that the commissioning, which started at the\n beginning of the year, was expected to be completed by mid-year. This\n has now occurred and we expect to see the resultant increased\n production in the third quarter. The lower revenue and cash flow for\n the quarter in spite of the increased sales volumes resulted from lower\n prices for iron ore in the quarter. Equity earnings from IOC were\n substantially lower in the quarter mainly due to the lower iron ore\n prices.\n\n\nResults for the three months and six months ended June 30 are summarized\n below:\n\n\n\n\n\n \n\n\n3 Months Ended\nJune 30,\n2012\n\n\n3 Months Ended\nJune 30,\n2011\n\n\n6 Months Ended\nJune 30,\n2012\n\n\n \n\n\n6 Months Ended\nJune 30,\n2011\n\n\n \n\n\n                   
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