Uranium One Inc.’s adjusted net earnings for the six months 2017 amounted to $30.3 million
Uranium One Inc. (a part of the Uranium One international mining division of ROSATOM) reported its financial results in accordance with IFRS for the quarter and six months 2017.
Uranium One Inc.’s adjusted net earnings (net of exchange rate differences, and revaluation of financial instruments) for the six months ended June 30, 2017 amounted to $30.3 million. The Corporation has been operating at a net profit since the second quarter of 2015, despite the worldwide fall in uranium prices. Uranium One Inc.’s revenues from the sale of uranium concentrates remained at levels comparable to those achieved in the same period last year: $142.1 million, compared to $141.2 million for the same period last year.
Despite low prices in the uranium market, Uranium One Inc. kept its key financial results at target levels due to increased sales and expansion of the customer base geographically, cost reduction initiatives, and increased production efficiency. As a result, the Uranium One Inc.’s attributable sales volume for the first six months of 2017 increased by 9% over the amount sold during the first six months of 2016 (5,720,080 lbs U3O8 compared to 5,230,200 lbs U3O8, respectively).