Uranium One Announces Q2 2016 Production of 3.1 Million Pounds

Uranium One has reported quarterly revenue of $127.3 million for Q2 2016, based on sales of 4.2 million pounds of produced material at an average realized sale price of $1 per pound sold of produced material.
As quoted in the press release:

Q2 2016 Highlights
Operational

• Total attributable production during Q2 2016 was 3.1 million pounds, compared to 3.2 million pounds during Q2 2015.
• The average total cash cost per pound sold of produced material reduced to $11 per pound during Q2 2016, compared to $14 per pound during Q2 2015.

Financial

• Attributable sales volume of produced material for Q2 2016 was 4.2 million pounds sold, compared to 3.2 million pounds sold during Q2 2015.
• Headline revenue was $127.3 million in Q2 2016, compared to $111.0 million in Q2 2015.
• Attributable revenues consistent with the Corporation’s segment reporting amounted to $137.5 million in Q2 2016, compared to$165.0 million in Q2 2015.
• The average realized sales price of produced material during Q2 2016 was $31 per pound, compared to $37 per pound in Q2 2015. The average spot price in Q2 2016 was $27 per pound compared to $37 per pound in Q2 2015.
• Gross profit, including the Corporation’s share of gross profit from equity accounted investees, totaled $50.5 million in Q2 2016, a 23% increase compared to  $41.1 million in Q2 2015, mainly due to an increase of 32% in sales volume, partly offset by a decrease of 16% in average realized sales price.
• The net earnings for Q2 2016 were $24.5 million or $0.03 per share, compared to net earnings of $21.6 million or $0.02 per share for Q2 2015.
• The adjusted net earnings for Q2 2016 were $47.8 million or $0.05 per share after exclusion of other income of $9.3 million, inventory valuation adjustment of $21.4 million, impairment of non-current assets of $4.9 million and net foreign exchange loss of$6.3 million, compared to an adjusted net earnings of $7.8 million or $0.01 per share for Q2 2015.
• In addition to the increase in sales volume during the quarter, improved profitability resulted from a reduction in General and Administrative costs and from other cost reduction initiatives.

Click here to read the full press release.