Saskatoon, Saskatchewan-based Cameco Corp. (TSX: T.CCO, Stock Forum) says it earned $88 million in its latest quarter, down from $127 million a year ago.
The uranium miner says the profit amounted to 22 cents per share in the quarter ended June 30 compared with a profit of 32 cents per share a year ago.
Revenue improved to $565 million, up from $502 million.
On an adjusted basis, the company said it earned $46 million or 12 cents per share, down from $79 million or 20 cents per share a year ago.
Cameco said the drop was due to higher administrative costs and a $28-million boost last year from a favourable settlement related to a dispute regarding a long-term supply contract with a utility.
Those changes were partially offset by higher gross profit from its uranium and fuel services segments and settlement costs last year related to the early redemption of some of its debentures.
Cameco chief executive Tim Gitzel says the company continues to perform well, despite the tough market conditions.
``Despite some supply disruptions in the first half of the year, prices and demand remained 'flat' due to the current oversupply in the market,'' Gitzel said in a statement.
``However, the long-term outlook for nuclear energy, underpinned by strong fundamentals, remains positive. With the long-term view in mind, we remain focused on keeping costs down and running our operations safely and efficiently to ensure we maintain the flexibility to respond to market conditions as they evolve.''
Meanwhile in Vancouver, Goldcorp Inc. (TSX:G) slashed it monthly dividend as it reported its second-quarter profit more than doubled compared with a year ago, boosted by the sale of its stake in Tahoe Resources.
The gold miner, which keeps its books in U.S. dollars, says it will pay a monthly dividend of two cents per share compared with its previous rate of five cents.
The reduction came as Goldcorp reported a second-quarter profit attributable to shareholders of US$392 million or 47 cents per share, up from $181 million or 22 cents per share a year ago.
Revenue grew to $1.19 billion, up from $884 million a year ago.
Excluding the sale of its Tahoe Resources shares and its Arturo mine project as well as other one-time items, Goldcorp said it earned an adjusted profit of $65 million or eight cents per share, compared with $164 million or 20 cents per share a year ago.
The company said the drop was due to lower prices for gold and byproduct metals, higher production costs due to a slower ramp-up at its Eleonore mine and higher depreciation and depletion costs.
In its outlook, Goldcorp said it expects to come in at the high end of its production guidance for between 3.3 million and 3.6 million gold ounces this year.
The company also reduced its all-in sustaining cost guidance to between $850 and $900 per gold ounce compared with earlier prior guidance of between $875 and $950 per gold ounce.