Cameco Experiences Drop In First Quarter Earnings

Cameco Experiences Drop In First Quarter Earnings

Friday, May 01, 2009 at 13:29

A Saskatchewan-based uranium giant says its net earnings over the first three months of this year were 40 per cent lower than the same period last year.

Cameco today reported first quarter adjusted net earnings of $89 million from January 1st to March 31st.

The company says this was due to lower earnings in its uranium and gold businesses.

Cameco says higher costs of sales adversely affected uranium profits in the first quarter.

The company says its gold business was impacted by lower production and higher operating costs.