March 5, 2020 / 7:59 AM / 3 months ago

Uranium miner Kazatomprom 2019 net profit falls 50% on one-offs

(Reuters) - Kazakh uranium miner Kazatomprom KZAP.KZ (KAPq.L) posted a 50% drop in 2019 net profit on Thursday which it said was due to one-off items as it forecast flat revenue this year on the back of stable output.

The firm’s net profit was 213.7 billion tenge (£436.01 million) last year, while revenue climbed 15% to 502.3 billion tenge on higher prices, Kazatomprom said in a statement. Operating profit nearly doubled to 151.9 billion tenge.

Kazatomprom forecast its 2020 revenue at 490-510 billion tenge in line with the previously announced plans to hold its output unchanged.

The company, which is controlled by Kazakh sovereign fund Samruk Kazyna, said it would boost capital expenditures to 80-90 billion tenge this year from last year’s 67 billion tenge.

Reporting by Olzhas Auyezov; Editing by Alexander Smith

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