Yellow Cake swings to interim profit from loss on uranium gain

(Alliance News) - Yellow Cake PLC on Thursday reported a rise in its net asset value as it swung to a profit and a total uranium gain from losses.

The Jersey-based investment company said its net asset value per share rose 25% to USD8.16 at September 30, from USD6.52 at March 31.

Yellow Cake swung to a pretax profit of USD373.3 million in the six months to September 30 from a loss of USD87.6 million a year ago.

This was driven by a swing to a USD380.5 million total uranium gain from a loss of USD81.0 million.

The value of the company's uranium holdings rose 27% to USD1.78 billion from USD1.40 billion, which Yellow Cake said reflected a corresponding increase in the triuranium octoxide spot price across the half year to USD82.00 per pound from USD64.45 per pound.

The company did not propose a dividend for the period.

"Global momentum behind nuclear energy continues to build, with governments, investors and industry increasingly aligned on its strategic importance," said Chief Executive Andre Liebenberg.

"Against this backdrop, Yellow Cake remains strongly positioned to offer investors secure, direct exposure to a commodity entering what is anticipated to be a new phase of sustained, long-term growth," Liebenberg added.

Shares in Yellow Cake fell 1.1% to 532.00 pence on Thursday afternoon in London.

By Roya Shahidi, Alliance News reporter

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