February 14, 2011 / 2:28 PM / 7 years ago

Khan Resources posts Q1 profit

Feb 14 (Reuters) - Canadian uranium explorer Khan Resources posted its first profit in four quarters, helped by recovery of income taxes.

The company, whose litigation claim against ARMZ was blocked by a Russian justice minister that alleged interference in its Mongolian operations, posted a net income of $34,000, or break even on a per share basis, compared with a loss of $826,000, or 2 cents per share, last year.

The firm recovered $522,000 in income tax during the quarter.

The Toronto-based company’s shares closed at 54 Canadian cents on Froday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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