Energy Resources reports H1 loss

Company News

Energy Resources of Australia Limited (ASX:ERA) has reported a net loss of $59.9 million in the first half of the 2012 financial year.

The uranium miner says a fall in uranium oxide sales, a strong Australian dollar and heavy rain season have contributed to lower revenue and sales.

In the shorter term, the company says the uranium market remains challenging, with utilities well supplied and post Fukushima uncertainty remaining in the Japanese market.

However Energy Resources of Australia says the longer term outlook remains encouraging for established producers.