The Royal Canadian Mint has released its first-quarter financial results, which provide insight into our activities, the markets influencing our businesses and our expectations for the year ahead.
The financial results are for the 13 weeks ended March 31 and should be read in conjunction with the Mint’s quarterly report, which is available in full by clicking here.
“Our diversified businesses helped deliver solid first quarter results while the Mint weathers the impact of a softer global market for bullion,” said outgoing Mint President and CEO Sandra Hanington, who announced her sudden resignation last month after serving only three years of a five-year term at the helm of the Crown corporation.
“We continue to innovate and win business on the world stage as we execute our strategy to enable a strong, sustainable future.”
FINANCIAL, OPERATIONAL HIGHLIGHTS
Highlights of the Mint’s first quarter include:
- consolidated profit before income tax and other items of $6.8 million (compared to $11.9 million in 2017);
- consolidated profit of $4.8 million (compared to $11.1 million in 2017);
- consolidated revenue of $340.9 million (compared to $502.8 million in 2017) as lower overall bullion global market demand led to lower bullion volumes;
- gold volumes of 108,500 ounces (compared to 228,200 ounces in 2017) while silver volumes were 4.8 million ounces (compared to five million in 2017);
- bullion ancillary services revenue increased 36 per cent quarter over quarter as these services continue to expand;
- shipment of 504.5 million foreign coins and blanks in the quarter (compared to 269.7 million in 2017) resulted in an increase in revenue from the foreign circulation business as compared to the first quarter of 2017;
- sales of numismatic products were slower in the first quarter of 2018 having decreased to $28 million (compared to $46.9 million in 2017) after a strong previous year driven by Canada 150 product sales;
- Canadian circulation coin production was 69 million pieces in the quarter (compared to 100 million pieces in 2017);
- operating expenses decreased quarter over quarter to $22.4 million (compared to $27.4 million in 2017) as the Mint continues to carefully manage expenses.
For more information or to read the full first-quarter report, visit mint.ca.