earnings out profit in Q2 of US$40.5M
Denison Mines swings to profit in Q2 of US$40.5M vs loss of $2.9M in '06
Thu Aug 9, 9:46 PM
Email Story IM Story Printable View TORONTO (CP) - Denison Mines Corp. (TSX: DML.TO) said soaring revenues and proceeds from the sale of investments helped it recover from the red in the second quarter.
The Toronto-based uranium producer, which reports in U.S. dollars, said profit was $40.5 million or 21 cents per share for the three months ended June 30 compared with a net loss of US$2.9 million or three cents per share in the same period of 2006. Revenues in the quarter were $18.9 million compared with $2,000 in 2006.
Expenses were $18 million compared to $4.5 million last year.
Uranium sales revenue in the quarter was $15.2 million from the sale of 145,000 pounds of U3O8. Sales from Canadian production from the McClean Lake joint venture were 70,000 pounds at an average price of $80.51 per pound, while U.S. production totalled 75,000 pounds at an average price of $130 per pound.
During the quarter Denison sold the majority of its investment in Fortress Minerals Corp. for $29 million and sold other portfolio investments for proceeds of $16.5 million.
Also in the quarter, Denison