Mesabi Trust Reports Net Income of $1.02 Million for the First Quarter of 2023

Mesabi Trust,(MSB) a mining royalty tr ust, has released its financial statements for the three months ended April 30, 2023. The trust reported a net income of $1.02 million for the quarter, compared to $13.60 million in the same period last year. The revenue for the first quarter of 2023 amounted to $1.85 million, reflecting a decrease compared to the previous year's revenue of $14.20 million. Let's delve into the details of Mesabi Trust's financial performance.

Revenues Decline to $1.85 Million

Mesabi Trust recorded total revenues of $1.85 million for the first quarter of 2023, representing a significant decrease from the revenue of $14.20 million generated in the same period last year. The decline in revenue can be attributed to lower royalty income, which amounted to $1.71 million, compared to $14.19 million in the first quarter of 2022. Additionally, interest income decreased to $137,533, down from $759 in the previous year's corresponding period.

Net Income Drops to $1.02 Million