(RTTNews) - Deterra Royalties Limited (DETRF) reported higher full-year profit, supported by the absence of one-off costs recorded in the previous year and a gain on the sale of an asset. Underlying earnings also improved, despite lower royalty revenue and income from offtake contracts.
Net profit after tax increased to A$164.21 million, or 30.97 cents per share, from A$155.69 million, or 29.39 cents per share, a year ago. The prior-year result included A$11.99 million in one-off costs related to the Trident acquisition, while the current year benefited from an A$8.37 million gain on sale of an asset.
Excluding one-off items, underlying profit after tax increased 14% to A$151.7 million from A$132.7 million.
Underlying EBITDA rose 6% to A$222.2 million, while reported EBITDA declined 1% to A$236.7 million.
Operating profit before finance cost rose to A$226.92 million from A$231.81 million last year.
Royalty revenue decreased to A$238.24 million from A$241.96 million, while income from offtake contracts fell to A$4.16 million from A$21.48 million.
The company declared a final dividend of 10.8 cents per share, fully franked, payable on September 22, to shareholders of record on August 26.
On the ASX, Deterra shares were up more than 4% at A$4.35.