Lower deliveries of uranium meant lower revenues for Cameco (CCO-T), but the company still showed $12 million in earnings (22 per share) on revenues of $138 million in the three months ended June 30.
The second-quarter profit put Cameco $13 million in the black for the first half of the year with revenues of $209 million. By comparison, revenues were $306 million and earnings $20 million in the first half of 2000.
Cameco’s mainstay uranium operations saw revenues decline sharply in the first half of the year as many customers took only limited deliveries of uranium oxide concentrate during the period. Lower prices for the product — averaging US$8.26 per lb. against an average of US$8.94 in the first half of 2000 — also cut into the top line.
Cameco’s gold operation at Kumtor in Kyrgyzstan had a good first half, with cash costs down to US$134 per oz. from US$171.
Cameco has $28 million in cash, part of a current-assets portfolio of $614 million, and current liabilities of $138 million.
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