Uranium One profit falls on lower uranium price

Mon Aug 13, 2012 5:54pm EDT
 
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(Reuters) - Canada's Uranium One Inc's UUU.TO quarterly earnings fell 2 percent as it sold less uranium at lower prices.

The uranium producer's earnings fell to $29.2 million, or 3 cents per share, in the second quarter, from $29.7 million, or 3 cents per share, a year earlier.

Excluding items, the company earned $8.8 million, or 1 cent per share.

Analysts on average had expected earnings of 2 cents per share, according to Thomson Reuters I/B/E/S.

Revenue fell 14 percent to $96.8 million. Average realized sales price fell 10 percent to $52 per pound in the quarter.

Sales volumes fell 5 percent to 1.9 million pounds in the quarter, while production rose 28 percent to 3 million pounds.

Toronto-based Uranium One is 51 percent held by Russia's ARMZ, the uranium division of state nuclear firm Rosatom.

Shares of the company closed at C$2.10 on Monday on the Toronto Stock Exchange.

(Reporting by Julie Gordon in Toronto and Ankur Banerjee in Bangalore; Editing by Supriya Kurane)