Canada's No.2 uranium producer's profit was $4.5 million, in the quarter ended March 31. That compared with $14 million or 1 cent a share, in the year previous period. Adjusted to eliminate one-time items, profit was $15.1 million, or 2 cents a share, compared with $15 million, or 2 cents a share, in the first quarter of 2011.
Revenue fell 6 percent to $95.9 million as the average realized cost per pound of uranium dropped to $53 from $61. The company's regular cash cost per pound sold in the quarter was steady at $14.The spot price for uranium fell in March of last year following the Fukushima nuclear disaster led to reactor shutdowns in Japan and Germany. Despite the near term uncertainty, longer term insist remains strong as China, India, Russia and South Korea progress ahead with plans to ramp up atomic output.
Uranium One's sales volumes in the quarter rose 8 percent to 1.8 million pounds, even as production was 18 percent higher at 2.8 million pounds. The company expects to make 11.6 million pounds of uranium this year and 12.5 million pounds in 2013.
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