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UPDATE 1-Denison Mines posts Q3 loss on impairment charge
November 11, 2009 / 11:32 PM / 8 years ago

UPDATE 1-Denison Mines posts Q3 loss on impairment charge

* Q3 loss/shr $0.27 vs breakeven/shr yr ago

* Rev falls 65 pct

Nov 11 (Reuters) - Canadian uranium producer Denison Mines Corp (DML.TO) (DNN.A) reported a quarterly loss on Wednesday, hurt by a non-cash impairment charge of $100 million related to its mineral property investment in Zambia.

For the third quarter, the company posted a loss of $91.3 million, or 27 cents a share, compared with a profit of $332,000, or breakeven a share, a year earlier.

Revenue slumped 65 percent to $12.7 million. Uranium sales fell 78 percent to $7.5 million.

Analysts on average were expecting a loss of 2 cents a share, before special items, on revenue of $20 million, according to Thomson Reuters I/B/E/S.

The company said the non-cash impairment charge resulted in a future tax recovery of $30 million.

Shares of the company closed at C$1.62 Wednesday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Deepak Kannan)

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