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.