05:15 PM EDT, 03/27/2024 (MT Newswires) -- SIR Royalty Income Fund (SRV-UN.TO) Wednesday announced that SIR Corp. - the operating entity from which the Fund's equity income is ultimately derived - has filed its financial results for the 12-week and 24-week periods ended Feb. 11, 2024 (Q2 2024 and YTD 2024, respectively).

Adjusted Net Earnings were $0.6 million in Q2 2024 compared to $0.7 million in Q2 2023. Adjusted Net Earnings for YTD 2024 were $0.9 million compared to $3.0 million in YTD 2023. The declines are partially attributable to a $0.6 million reduction in earnings from corporate restaurant operations in Q2 2024 compared to Q2 2023, and a $1.9 million reduction in earnings from corporate restaurant operations in YTD 2024 compared to YTD 2023.

Net loss and comprehensive loss was $2.3 million for Q2 2024 compared to $21.2 million for Q2 2023. Net loss and comprehensive loss was $7.9 million for YTD 2024 compared to $39.5 million for the 24-week period ended Feb. 12, 2023 (YTD 2023).

The positive variances reflect changes in the amortized cost of the Ordinary LP Units and Class A Units of the SIR Royalty Limited Partnership that SIR holds. This resulted in expenses of $2.9 million in Q2 2024 and $8.8 million in YTD 2024, compared to expenses of $21.8 million in Q2 2023 and $42.5 million in YTD 2023.

These non-cash changes in Q2 2024 and YTD 2024 are due to changes to the estimated cash flows derived from the Fund and an increase in the underlying unit price of the Fund compared to the end of Fiscal 2023.

Price: 14.14, Change: -0.16, Percent Change: -1.12