Cameco says it earned a profit in its latest quarter compared with a loss a year ago as revenue fell more than 25 per cent.
The uranium miner said it earned $78 million or 20 cents per share compared with a loss of $9 million or two cents per share in the same quarter last year.
The improvement was due to gains on foreign exchange derivatives compared with losses a year ago and higher gross profits in its fuel services business.
Revenue fell to $408 million from $566 million.
On an adjusted basis, Cameco said it lost $7 million or two cents per share for the quarter compared with an adjusted profit of $69 million or 18 cents per share a year ago.
Cameco said the drop was mainly due to lower gross profit from its uranium and Nukem businesses, higher administration expenditures and increased higher foreign exchange losses.
(The Canadian Press)