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Cameco reports $23M net loss in Q2 as uranium market still oversupplied

A patch is seen on an employee during a Cameco media tour of the uranium mine in Cigar Lake in September 2015.
A patch is seen on an employee during a Cameco media tour of the uranium mine in Cigar Lake in September 2015. Liam Richards / The Canadian Press

Cameco Corp.’s financial results for the last quarter were better than last year but it still reported a net loss in an oversupplied market.

The Saskatoon-based uranium producer said it had a net loss of $23 million for the quarter ending June 30, 2019, an improvement from the $76 million loss for the same quarter last year.

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Its adjusted net loss amounted to $18 million compared with analyst expectations of a $9.9 million loss according to the financial markets data firm Refinitiv, while the adjusted loss per share of four cents was in line with expectations.

Revenue of $388 million was higher than the $333 million it pulled in last year, and above analyst expectations of $342 million.

WATCH (June 2, 2018): Sask. mining rescue crews showcase skills in annual competition

Sask. mining rescue crews showcase skills in annual competition
Sask. mining rescue crews showcase skills in annual competition

Cameco said there is still “a long way to go” before it decides to restart its McArthur River and Key Lake sites in Saskatchewan as other producers continue to oversupply the market.

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The company’s shares were trading down more than five per cent in late trading on the Toronto Stock Exchange.