Paladin Energy posts $1.2m interim profit as revenue jumps 79%
Make us a preferred source
Make us a preferred source on Google
The news: Uranium miner Paladin Energy has delivered first-half profit attributable to shareholders of USD872,000 ($1.2 million), swinging from a USD4.6 million loss in the previous corresponding period as revenue picked up 79% to USD138.3 million.
On a group basis, including non-controlling interests, the company recorded a net loss after tax of USD6.6 million, improved from a USD15.1 million loss a year ago.
Earnings per share came in at 0.2 US cents, swinging from a 1.1 US cent loss in the previous corresponding period.
The context: Paladin said the USD6.6 million net loss was driven by the ongoing production ramp-up of its 75% owned Langer Heinrich Mine in Namibia. The miner also dealt with business expansion costs relating to its acquisition of Fission Uranium, now Paladin Canada, and its Toronto listing.
What they said: "The first half of the year demonstrated strong and continually improving performance at Langer Heinrich Mine as our team increased its knowledge and experience of how to optimise the production process, including the mining activities that were gathering pace at the start of this financial year," said Paladin's managing director and CEO Paul Hemburrow.
"With the remaining mining fleet arriving on site, the foundations are now in place to successfully complete our ramp-up at Langer Heinrich Mine during the remaining months of the year."
The source: ASX
