Uranium miner Paladin Energy has reported a half year net loss of $US193.5 million, with a number of large write-downs and impairments souring a record half year combined production result.
The miner’s revenue came in at $195.5 million for the six months ended December 31, up from $173.4 million in the previous corresponding period.
Paladin reported an impairment of $96 million at its Kayelekera mine, due to continued weakness in the uranium price, while also writing down $US98.2 million for de-recognition of the mine as a deferred tax asset.
Administration charges came in at $US22.9 million and finance costs were $US33.6 million, Paladin said.
Paladin achieved combined production of 4.12 million pounds of uranium, up 34 per cent on the December 2011 half year.
The miner received an average sales price of $US48.63/lb uranium for the half year.
Patersons Securities analyst Simon Tonkin said Paladin was tracking well operationally, with falling costs and increased output.
“A positive turn in uranium prices would move Paladin into profitability,” Mr Tonkin said.
Any uptick in uranium prices would be dependent on the restart of Japanese nuclear reactors, with new regulations due in July.
Paladin’s stock has shed 4.15 per cent on the ASX this morning, trading at $1.16.
