November 1, 2012 / 1:48 AM / 6 years ago

Cameco adjusted profit halves as uranium sales, prices sag

Oct 31 (Reuters) - Cameco Corp reported a 50 percent drop in adjusted third-quarter profit on Wednesday as sagging uranium prices and sales dragged on revenues.

The world’s largest listed uranium producer also reduced its long-term production goal by 4 million pounds, or 10 percent, to 36 million pounds a year by 2018 in light of continuing market uncertainty in the aftermath of the Fukushima nuclear disaster.

Adjusted earnings were C$52 million ($52 million), or 13 Canadian cents a share, in the quarter ended Sept 30. That compared with C$104 million, or 26 Canadian cents a share, in the year-earlier period.

Including one-time foreign exchange derivative gains, earnings were C$82 million, or 21 Canadian cents a share, in the third quarter, compared with C$39 million, or 10 Canadian cents a share, in the year-ago period.

Revenue fell 23 percent to C$408 million on lower uranium sales and a drop in the realized uranium price.

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