Niko Resources Reports Quarterly Net Loss
Niko Resources (NKO.TO) reported a net loss of $54.98 million for the quarter ended June 30, 2011, compared to a net profit of 14.07 million in the year earlier period. It said a decrease in funds from operations (non-IFRS measure) to $60.2 million from $78.2 million contributed to the net loss.
Other items affecting the net loss were the non-cash portion of production and operating expenses largely for share-based compensation. It said the increase in share-based compensation expense in the year is primarily a result of the increased number of stock options being expensed. Depletion expense increased as a result of the revision to the reserve volumes and future costs included in the March 31, 2011 reserve report.
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