Paladin Energy cuts H1 loss

Paladin Energy appears to be on the path to profitability, with the uranium miner today reporting a $19 million interim net loss, up from the previous corresponding period's $475.6 million loss.

The net loss was on the back of a 51.7 per cent surge in revenue to $101.2 million, boosted by record sales volumes for the December quarter of 1.095 million pounds at an average price of $US56 per pound.

Total sales volumes for the six months to the end of December 2009 was 1.798mlbs, up from the previous corresponding period of 1.123mlbs.

The miner recorded a net profit of $400,000 for the December quarter.

Paladin last week said in its production report that its first mine, Langer Heinrich in Namibia, had reached stage two production levels, boosting output by 36 per cent.

Ramp-up at its second mine, Kayelekera in Malawi, was slower than expected but improving rapidly.

At the end of the reporting period, Paladin said it had $US432.6 million in cash.