Paladin Energy records $42m FY net loss

Uranium miner Paladin Energy Ltd has decreased its full year net loss to $42 million on the back of an improved performance from its Langer Heinrich uranium mine in Namibia.

The company announced today that its 2008 financial year net loss of $US36 million ($A42 million) decreased 4.2 per cent against its 2007 net loss result of $US37.6 million.

Included in the net loss figure was $US13 million in exploration, $US30.7 million in finance costs and $US25.1 million in other expenses including corporate and marketing costs.

Revenue over the period increased from $US11.2 million to $US102 million after a full year of operations at Langer Heinrich and sales of $US94 million.

About 1.4 million pounds of uranium oxide were sold with 1.2Mlbs from Langer Heinrich and 185,000lbs from third party uranium at an average realised price if $US66 per pound.

Cash at the end of the period increase from $US183 million to $US338 million.

The company is expecting to produce between 2.45-2.6 million pounds of uranium oxide for calendar 2008.