Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Indexes  >  USA  >  World Uranium Index (USD)    URAXPD   

SummaryNews 
News SummaryAll newsTweets

Cameco CEO 'cautiously more optimistic' on uranium industry

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/09/2018 | 07:25pm CEST
FILE PHOTO - A scoop loader with a bucket full of low grade uranium is tested for grade after it was drilled out at the Cameco McArthur River uranium mine site in northern Saskatchewan

(Reuters) - Canada's Cameco Corp reported a better-than-expected quarterly profit on Friday although it warned of further uncertainty this year for a nuclear market that has been in the doldrums since the Fukushima meltdown in 2011.

The company posted a 4 percent rise in average prices of its uranium in the final quarter of last year. However, in a post-earnings call, Chief Executive Tim Gitzel said he was "cautiously more optimistic" about the industry.

"We have seen reduction in global demand expectations, driven by early reactor retirements, delays in reactor construction programs, slower-than-expected restart process in Japan, and by changes to government administrations," Gitzel said.

Cameco lost 4.8 percent in trading on the Toronto Stock Exchange and its U.S.-listed shares fell 4.6 percent after the results. That came as markets were falling more generally, however, and compared to a 12 percent drop after results a quarter earlier.

Uranium producers have been struggling since the 2011 tsunami that forced Japan to shut all of its nuclear reactors. Some of those have restarted since, but low demand has resulted in a glut.

Saskatchewan-based Cameco has been working to cut its losses with measures such as suspending production from the McArthur River mine in Saskatchewan, the world's biggest uranium mine.

The company's net loss narrowed to C$62 million ($49 million), or 16 Canadian cents per share, in the quarter ended Dec. 31, from C$144 million, or 36 Canadian cents per share, a year earlier.

On an adjusted basis, the company earned 46 Canadian cents per share. Analysts had expected a profit of 35 Canadian cents, according to Thomson Reuters I/B/E/S.

Revenue fell 8.8 percent to C$809 million, hurt by lower realized prices for uranium under its Nukem unit, which handles Cameco's marketing operations globally.

(Reporting by Ahmed Farhatha in Bengaluru; Editing by Maju Samuel)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on WORLD URANIUM INDEX (USD)
05/08EU regulators to investigate Romanian aid for uranium company
RE
04/27CAMECO : posts surprise profit on higher uranium prices
RE
02/09Cameco CEO 'cautiously more optimistic' on uranium industry
RE
01/23ELECTRICITE DE FRANCE : France's Areva rebrands to Orano in dire uranium market
RE
01/22CAMECO : Uranium veteran expects price stalemate to crack in 2019
RE
2017TSX ends lower as energy stocks weigh; uranium companies bounce
RE
2017Uranium producers surge after Kazakhstan's output cut
RE
2017URANIUM MINER CAMECO NOT PLANNING MO : Ceo
RE
2017CAMECO : Uranium miner Cameco posts surprise loss, shares dive 12 percent
RE
2017Tanzania ups royalties on gold and uranium exports with new law
RE
More news