RCM reports third quarter results

Yesterday, the Royal Canadian Mint reported its financial results for the third quarter of this year.

The report, which includes the 13 and 39 weeks ended Sept. 30, is available in full by clicking here.

“The Mint continues to achieve strong operating performance across all its businesses and remains a global minting leader,” said Sandra L. Hanington, Mint president and CEO. “We are building and executing more sophisticated marketing techniques for our Numismatics business’ profitable growth and we maintain strong market share in bullion products despite recent drops in global market demand.”

FINANCIAL & OPERATIONAL HIGHLIGHTS

According to the Mint’s report:

  • consolidated profit before Face Value (FV) revaluation and income taxes increased to $10.4 million for the quarter (compared to $3.2 million in 2016) and the overall profit margin increased from 0.6 per cent in 2016 to 2.7 per cent this year;
  • consolidated revenue decreased to $385.9 million for the quarter (compared to $553.4 million last year) “primarily as a result of lower bullion revenues as bullion market demand declined”;
  • a total of 413 million Canadian circulation coins were produced in the quarter (compared to 461 million last year) “in order to replenish inventories held on behalf of the Department of Finance”;
  • a total of 296 million foreign coins and blanks were shipped in the quarter (compared to 518 million in 2016), reflecting “differences in the timing of shipments in 2017 as compared to 2016”;
  • softer overall bullion demand contributed to lower bullion volumes for the quarter compared to the same period in 2016 with gold volumes at 255.9 thousand ounces (compared to 386.6 thousand last year) and silver volumes at 9.7 million ounces (compared to 11.8 million last year); and
  • numismatics revenues increased to $43.4 million (compared to $36.3 million last year) in the quarter “on the continued strength of Canada 150 product sales.”

According to the report, the Mint is continuing to “focus on ensuring its expenses are well-managed. On the whole, recurring expenses remained consistent year over year.”

For the quarter, operating expenses increased seven per cent to $33.7 million (compared to $31.4 million last year) largely due to non-recurring administration expenses, partially offset by lower marketing and sales expenses.

To read more of the Mint’s third quarter report for 2017, visit mint.ca.

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