APF.L Share News (APF)

Global natural resources royalty company Anglo Pacific saw its total income drop to £14.84m in the quarter ended 31 March, from £17.49m the year before.The decline was attributed to just £4.43m being achieved from the gain on sale of mining and exploration interests during the period, compared with £12.6m previously. However, the firm saw royalty revenues more than double to £9.9m, from £4.6m, despite the short-term disruption to output at both Ketrel and Crinum mines caused by the Queensland floods in January.Pre-tax profit narrowed to £13.26m, from £17.79m, while earnings per share fell from 15.47p to 9.72p."The group continues to identify a range of new royalty opportunities. Management believes the group is well placed with its cash resources and strong royalty revenues to continue its growth strategy," the statement said. ---BC