(In U.S. dollars unless noted)
TORONTO Aug 8 Uranium One UUU.TO posted a
more than five-fold increase in profit on Monday, as the
company boosted production by 33 percent and was paid more per
pound of uranium sold.
Net income for the second quarter was $29.7 million, or 3
cents a share, compared with a year-ago profit of $5.4 million,
or 1 cent a share.
Excluding one-time items, Canada's No. 2 uranium producer
said its earnings were $27.1 million, or 3 cents a share, in
line with analysts estimates of 3 cents a share, according to
Thomson Reuters I/B/E/S.
Revenue rose 71 percent to $112.9 million from $66 million
in the year-ago period.
Total attributable production in the quarter rose 33
percent to 2.4 million pounds from 1.8 million pounds in the
The company sold 2 million pounds of uranium at an average
price of $58 a pound, up from sales of 1.5 million pounds at an
average price of $43 a pound in the second quarter of 2010.
Uranium One, which has operations in Kazakhstan, the United
States, Australia and Canada, sells most of its uranium on the
spot market or on contracts tied to the spot price.
The spot price slipped from around $70 a pound at the end
of February to under $50 a pound in the aftermath of the
nuclear crisis in Japan.
The company maintained its production guidance for 2011 at
10.5 million pounds, and at 12.5 million pounds in 2012.
(Reporting by Julie Gordon; editing by Rob Wilson)