VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 05/30/12 — Royal Oak Ventures Inc. (“Royal Oak” or the “company”) recorded comprehensive income of $0.9 million for the three months ended March 31, 2012 consistent with the comparative quarter in 2011. Comprehensive income in the current quarter consisted of net income of $0.3 million (2011 – $0.2 million) and other comprehensive income of $0.6 million (2011 – $0.7 million).
The company reported net income of $0.3 million or $nil per common share for the three months ended March 31, 2012 compared to net income of $0.2 million or $nil per common share in the corresponding period in 2011. The increase in net income in comparison to the prior year is the result of a reduction of operation costs and higher foreign currency revaluation gains recorded on the company-s investment portfolio.
The company recorded pre-tax unrealized gains of $0.7 million in other comprehensive income in the current quarter (2011 – $0.8 million), as a result of an increase in the fair value of the company-s marketable securities portfolio.
The company is seeking approval of the listing application for its common voting and non-voting shares. Upon approval, the company-s common voting and non-voting shares will be relisted and admitted to trading.
Contacts:
Royal Oak Ventures Inc.
Derek E. Gorgi
Vice-President Finance
(416) 363-9491