NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES THE NET INCOME FOR THE FOURTH QUARTER OF FISCAL 2022
North European Oil Royalty Trust (NRT) reported a substantial rise in its fourth-quarter fiscal 2022 results.
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Rhea-AI Summary
North European Oil Royalty Trust (NRT) reported a substantial rise in its fourth-quarter fiscal 2022 results. Total royalty income surged to $7,037,347, up 389.40% from $1,437,949 in Q4 2021. Net income reached $6,884,050, reflecting an increase of 428.45% from $1,302,678 last year. The Trust benefited from a notable upward adjustment of $1,550,020 in royalty income and the ongoing disruption in energy markets. Annual distributions per unit also increased to $0.74, a significant rise of 428.57%.
Positive
- Total royalty income increased to $17,800,119 (+286.76%) for the fiscal year.
- Net income up to $17,088,446 (+329.73%) for the fiscal year.
- Distributions per unit rose to $1.83 (+289.36%) for the fiscal year.
Negative
- Negative adjustment in fiscal 2021 decreased royalty income by $696,189.
Details
News Market Reaction – NRT
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KEENE, N.H., Nov. 16, 2022 /PRNewswire/ -- North European Oil Royalty Trust (NYSE-NRT) reported the net income for the fourth quarter of fiscal 2022 which appears below compared with the fourth quarter of fiscal 2021. Total royalty income for the fourth quarter of fiscal 2022 includes a positive adjustment for 2021 of
4th Fiscal Quarter Ended 10/31/2022 | 4th Fiscal Quarter Ended 10/31/2021 | Percentage Change | |
Total Royalty Income | +389.40 % | ||
Net Income | +428.45 % | ||
Distributions per Unit | +428.57 % |
The increase in total royalty income received for fiscal 2022 resulted primarily from the ongoing disruption of the German, as well as the European and world, energy markets. The Trust received positive adjustments in fiscal 2022, which increased royalty income by
Fiscal Year Ended 10/31/2022 | Fiscal Year Ended 10/31/2021 | Percentage Change | |
Total Royalty Income | +286.76 % | ||
Net Income | +329.73 % | ||
Distributions per Unit | +289.36 % |
The 2022 Annual Meeting is scheduled to begin at 11:00 a.m. on February 15, 2023. The annual meeting is convened for purposes of voting on the proposals presented in the proxy statement. The meeting will also provide the opportunity for unit owners and interested parties to pose questions to the Trustees and the Managing Director and will be held via Zoom. Further details will be provided in the Notice of Annual Meeting of Unit Owners which is being mailed in early January.
The previously declared distribution of 74 cents per unit will be paid on November 30, 2022 to owners of record as of November 18, 2022. For further information contact John R. Van Kirk, Managing Director, at (732) 741-4008 or via e-mail at jvankirk@neort.com. The Trust's press releases, along with other pertinent information, are available on the Trust's website: www.neort.com.
View original content:https://www.prnewswire.com/news-releases/north-european-oil-royalty-trust-announces-the-net-income-for-the-fourth-quarter-of-fiscal-2022-301680693.html
SOURCE North European Oil Royalty Trust
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