Energy Resources Of Australia 1st Half Net Profit A$127.55 Million

Energy Resources of Australia Ltd. (ERA.AU) said Friday its first half net profit has more than tripled to A$127.5 million from A$38.9 million last year.

The Rio Tinto Ltd. (RTP) subsidiary said its sales for the first half to June 30 rose to 2,280 metric tons of uranium from 1,746 tons last year and that its average realized sales price for the half climbed to US$48.02 a pound from US$35.69 in the previous corresponding period.

The average realized price in the second half is expected to remain at similar levels to the first half, ERA said, subject to the timing of sales deliveries.

The miner said full year production is expected to be in line with normal levels, while sales tons in 2009 are expected to be slightly higher than in 2008 as sales volumes rise in the second half.

Revenue for the half more than doubled to A$336.1 million from A$143.5 million last year and the miner posted an interim dividend of 14 Australian cents, up from eight cents last year.

-By Alex Wilson, Dow Jones Newswires; 61-3-9292-2094; [e-mail]