Cameco Corp.’s financial results for the last quarter were better than last year but it still reported a net loss in an oversupplied market.

The uranium producer said it had a net loss of $23 million for the quarter ending June 30, an improvement from the $76 million loss for the same quarter last year.

Its adjusted net loss amounted to $18 million compared with analyst expectations of a $9.9 million loss according to the financial markets data firm Refinitiv, while the adjusted loss per share of four cents was in line with expectations.

Revenue of $388 million was higher than the $333 million it pulled in last year, and above analyst expectations of $342 million.

Cameco said there is still “a long way to go” before it decides to restart its McArthur River and Key Lake sites in Saskatchewan as other producers continue to oversupply the market.

The company’s shares were trading down more than five per cent in late trading on the Toronto Stock Exchange.

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