Uranium giant Cameco Corp. has reported fourth quarter profit of $598-million or $1.52 per share, compared to $31-million or $0.08 per share in the fourth quarter of 2008.
Adjusted profit for the quarter was $248-million or $0.63 per share, up from $179-million or $0.49 per share in the prior year quarter.
Profit for the year was $1.1-billion or $2.82 per share, compared to $450-million or $1.28 per share in 2008.
The significantly higher profit was primarily a result of the sale of the company's stake in Centerra Gold Inc. for $871-million, recording an after-tax gain of $374-million.
The sale marked the final stages of the uranium giant's withdrawal from the gold business.
Cameco's president and CEO Jerry Grandey says that operationally and financially the company is well positioned to meet its goal of doubling annual uranium production by 2018.
Cameco is the world's largest producer of uranium, which is used to generate electricity in nuclear energy plants.
It has uranium mines, mills, conversion plants and exploration projects in Saskatchewan, Ontario, the United States and Australia.
Cameco is also a key partner in the Bruce Power nuclear power plant on the shores of Lake Huron in southwestern Ontario.