RED BANK, N.J., Aug. 12, 2016 /PRNewswire/ -- North European
Oil Royalty Trust (NYSE: NRT) reported its net income for the third
quarter of fiscal 2016 and 2015 as set out below. As detailed
in the July 29, 2016 distribution
press release, the decline in total royalties received was
primarily attributable to lower gas sales and lower gas prices
under both royalty agreements. Total royalties received also
reflect the impact of accounting adjustments by the operating
companies and Mobil sulfur royalty payments. The total
adjustments for the third quarters of fiscal 2016 and 2015 reduced
total royalties received by $407,560
and $35,346, respectively.
There was no Mobil sulfur royalty payment during the third quarter
of fiscal 2016 compared to $74,523 in
the third quarter of fiscal 2015.
|
3rd Fiscal
Quarter
Ended
7/31/2016
|
3rd Fiscal
Quarter
Ended
7/31/2015
|
Percentage
Change
|
Total Royalties
Received
|
$1,561,026
|
$3,459,645
|
-
54.88%
|
Net Income
|
$1,388,796
|
$3,312,307
|
-
58.07%
|
Distributions per
Unit
|
$0.15
|
$0.36
|
-
58.33%
|
Trust expenses for the third quarter of fiscal 2016 increased by
15.94%, or $23,848, to $173,434 in comparison to $149,586 for the third quarter of fiscal
2015. The increase was due to higher domestic legal and
German accounting expenses regarding a dispute about a possible
error by EMPG in the Trust's royalty calculation and a new pricing
proposal by EMPG upon which the Trust's royalty calculation would
be based.
|
Nine
Months
Ended
7/31/2016
|
Nine
Months
Ended
7/31/2015
|
Percentage
Change
|
Total Royalties
Received
|
$
5,727,167
|
$10,140,493
|
-
43.52%
|
Net Income
|
$
5,062,847
|
$
9,483,718
|
-
46.62%
|
Distributions per
Unit
|
$0.55
|
$1.04
|
-
47.12%
|
Trust expenses for the first nine months of fiscal 2016
increased by 0.55% or $3,645 to
$668,319 in comparison to
$664,674 for the prior fiscal year's
equivalent period. This increase in expenses is primarily due
to higher accounting costs associated with the biennial examination
by the Trust's German accountants of the royalty payments.
The previously declared distribution of 15 cents per unit will be paid on August 31, 2016 to owners of record as of
August 19, 2016. For further
information, contact John R. Van
Kirk, Managing Director, at (732) 741-4008 or via e-mail at
jvankirk@neort.com. The text of the Trust's press releases
along with other pertinent information is available on the Trust's
website: www.neort.com.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/north-european-oil-royalty-trust-announces-net-income-for-the-third-quarter-of-fiscal-2016-300312937.html
SOURCE North European Oil Royalty Trust