Paladin Energy reports fall in profit, despite high sales volumes
JOHANNESBRURG (miningweekly.com) – Dual-listed uranium producer Paladin Energy reported that lower prices resulted in a drop in its gross profit for the nine months ended March, to $28.9-million, from $30.3-million in the 2012 corresponding period.
The average realised uranium price for the nine months was $50.8/lb of triuranium octoxide (U3O8), down from $53.8/lb in 2012.
However, this was partially offset by a 33% increase in sales volumes to 5.93-million pounds of U3O8 and a $13.7-million impairment of inventories at the company’s Kayelekera mine, in Malawi, up from $11.9-million in 2012.
Boosted by higher sales volumes, the company’s sales revenue increased by 25%, from $240-million in the first nine months of the 2012 financial year to $301-million for the nine months under review.
Combined production of 6.11-million pounds of U3O8 for the nine months, marked an increase of 26% compared with the same period last year.
Production of 1.99-million pounds of U3O8 for the quarter ended March, was down 9% on the December 2012 quarter.
Looking at the remainder of the year, Paladin indicated that the continued solid and stable quarterly and year-to-date production, as well as clear opportunities for continued improvement, placed the group in a good position to achieve its stated production target guidance of between 8-million and 8.5-million pounds of U3O8.
However, uranium sales volumes were expected to fluctuate quarter-on-quarter, owing to the uneven timing of contractual commitments and the resultant scheduling by customers.
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