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News from Reuters

Cameco 3rd-quarter operating profit falls

02/11/09

TORONTO (Reuters) - Cameco Corp said on Monday its third-quarter operating profit fell 18.1 percent, due to a decrease in uranium sales volumes and a lower realized selling price.

Excluding one-items, the company posted earnings of C$104 million, or 26 Canadian cents a share, down from C$127 million, or 37 Canadian cents a share, a year-earlier.

The company, one of the world's top uranium producers, reported net earnings of C$172 million, or 44 Canadian cents a share, in the quarter ended September 30. That compared with year-before net earnings of C$135 million, or 39 Canadian cents a share.

Quarterly revenue fell 4.8 percent to C$694 million.

Cameco mines uranium primarily in its home province of Saskatchewan, as well as in Kazakhstan and the United States.

Besides uranium mining, Cameco manufactures nuclear fuel, and holds minority stakes in Canada's Bruce Power nuclear station and Asia-focused Centerra Gold . Cameco plans to eventually sell the Centerra stake.

(Reporting by Euan Rocha and Cameron French, editing by Dave Zimmerman)

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