Cameco Profits See 43% Decline

Cameco Profits See 43% Decline

Monday, November 08, 2010 at 13:19

Cameco Corporation says its profits dropped in the third quarter.

The company’s net income last quarter was $98 million — down from $172 million during the same period last year.

Meanwhile, Cameco’s third quarter revenues were down 19% to $419 million from $518 million in 2009.

However, company CEO Jerry Grandey expects that to pick up substantially in the fourth quarter, predicting that Cameco will record a third of its yearly sales during those months.

Grandey also notes exploration costs were higher in this past quarter, but he says exploration is key to meeting what he sees as increased market demand in the coming 10 years.

Cameco has previously announced plans to double its uranium production by 2018.