Cameco is reporting a 14 per cent increase in gross profits in the first three months of this year.

Compared to the same period in 2013, profits at the uranium mining company rose from $95 million to $108 million in the first quarter.

However, revenues fell slightly by six per cent from $444 million to $419 million.

Net earnings for the period were $139 million – up from $9 million last year.

These figures include the sale of the company’s interest in Bruce Power Limited Partnership, which netted Cameco an after tax gain of $127 million.

Production also got underway at the Cigar Lake mine in the first quarter.

However, due to continued mill modifications, ore processing will not take place at McClean Lake in the second quarter as initially planned.