News: ERA Energy Resources of Australia posts net loss after tax of $271 million for FY

Jan 31 (Reuters) - Energy Resources Of Australia Ltd (ERA)

• "Expects that uranium market will remain challenging in near term"
• ERA expects uranium production for 2017 to be within range of 2,000 tonnes to 2,400 tonnes
• ERA expects sales of uranium oxide in 2017 to be broadly in line with production
• "Whilst supply is expected to exceed demand in near term, china led demand-growth should support a rebalancing of market over time"
• ERA directors have decided not to declare a final dividend for 2016 financial year
• For FY ERA recorded a net loss after tax of $271 million compared to a net loss after tax of $275 million in 2015
• FY revenue from sale of uranium oxide was $268 million versus $333 million
• Sales volume for 2016 was 2,139 tonnes compared with 2,183 tonnes for 2015