Uranium One narrows loss, tweaks 2010 outlook

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Fri, Nov 13, 2009
Uranium Market News
Post by Melissa Pistilli, Uranium Reporter

Reuters reports Uranium One gets its positive outlook after having written a massive writedown.

The Canadian company, whose main operations are in Kazakhstan, posted a loss of $11.9 million, or 3 cents a share, in the quarter ended Sept. 30. That compared with a loss of $2.01 billion, or $4.30 a share, a year earlier, when the company absorbed a $2.8 billion writedown on assets in the United States and South Africa.

On an adjusted basis, the company posted a loss of 2 cents a share.

Analysts polled by Thomson Reuters I/B/E/S had expected a per-share loss of 1 cent, before items.

Revenue fell 62 percent to $21.3 million as uranium prices dropped and the company sold less uranium.

The company said average total cash cost per pound sold decreased to $15 per pound during the quarter, down from $17 per pound during the second quarter of 2009.

For full details of this press release, click this link.

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