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Era sees net profits increase in H1

25th July 2019

Creamer Media Senior Deputy Editor: Australasia

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PERTH (miningweekly.com) – Uranium miner Energy Resources of Australia (Era) has reported a 163% increase in net profits for the interim period ending June, compared with the previous corresponding period, while revenues increased by 6%.

The ASX-listed company on Thursday reported that net profits for the six months to June had reached A$49.2-million, up from a loss of A$78.3-million in the previous corresponding period, while revenue was up to A$19.4-million.

Cash flow from operating activities was also up by 519% in the half-year, to A$35.8-million.

Uranium oxide production for the half-year ended June reached 937 t, compared with the 842 t produced in the same period of 2018, with production in 2018 negatively impacted by mill maintenance.

Sales volumes for the interim period reached 1 123 t, compared with the 1 186 t sold in the previous corresponding period, with Era saying on Thursday that sales volumes for 2019 would be weighted towards the first half of the year, as the company had substantially fulfilled its contracted sales for the year.

During the second half of 2019, Era was expecting to produce sufficient drummed inventory to meet its supply commitments under its existing long-term contract portfolio. As a result, a greater proportion of future sales will be exposed to the spot market.

Edited by Creamer Media Reporter

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