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Keg Royalties sees stronger Q2 sales
By The Canadian Press
VANCOUVER - The Keg Royalties Income Fund (TSX:KEG.UN) says that the restaurants in its group had a 9.6 per cent increase in sales for the second quarter, reflecting a combination of higher same-store sales and one additional location.
The fund's royalty income for the three months ended June 30 was $5.04 million, up from $4.7 million a year earlier.
The royalties are based on a percentage of sales at Keg steak restaurants in Canada and the United States.
In the latest quarter, there were 103 restaurants in the royalty pool representing $125.4 million of sales, up $10.97 million from a year earlier when there were 102 locations in the pool.
Distributions paid to holders of the fund's units were unchanged at $2.725 million or 24 cents per unit, or about 98.9 per cent of the cash available for distribution.
Keg Royalty units closed Monday at $16.24 on the Toronto Stock Exchange.