Paladin widens full-year loss

Group's full-year results weighed by impairments on Kayelekera Mine assets.

Paladin Energy (PDN) has widened its full-year loss as a swag of impairment charges, predominately related to the group's Kayelekera Mine assets, weighed on the result.

In the year to June 30, Paladin posted a net loss of $US420.9 million, a 144% widening of the $US172.8 million loss in the previous year.

In the same period revenue was $US411.5 million, a 12% increase on $367.4 million in 2012.

The result was weighed by impairment charges of $US335.9 million, including the $US180 million foreshadowed earlier this month.

The impairments included $US97.1 million on Kayelekera Mine assets for the June quarter, bringing the total impairment on the project for the year to $US237.9 million due to continued uranium price weakness.

There was also a $US17.2 million hit recorded to reduce the cost of Kayelekera inventory held to net realisable value in the June quarter, totalling $US30.9 million for the year, as well as a $6.1 million impairment of exploration assets.

Paladin set production guidance at between 8.3 million pounds and 8.7 million pounds of uranium and will try and will resume trying to sell its stake in the Langer Heinrich mine in September.

The group declined to pay a dividend.

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