May 7, 2012 / 9:03 PM / 5 years ago

Uranium One profit falls on lower uranium price

May 7 (Reuters) - Uranium One Inc on Monday reported a drop in quarterly profit as lower realized uranium prices outweighed higher sales volumes.

Canada’s No.2 uranium producer’s profit was $4.5 million, or nil a share, in the quarter ended March 31, 2012. That compared with $14 million, or 1 cent a share, in the year-earlier period.

Adjusted to remove one-time items, profit was $15.1 million, or 2 cents a share, compared with $15 million, or 2 cents a share, in the first quarter of 2011.

Revenue fell 6 percent to $95.9 million as the average realized price per pound of uranium dropped to $53 from $61.

Uranium One owns assets in Kazakhstan, the United States and Australia. The company is also the operator on the Mkuju River project in Tanzania.

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