Higher uranium prices helped Cameco Corp. post a higher fourth-quarter profit despite a slip in its revenues.

The Saskatoon-based company said Wednesday that it made $61 million, or 18 cents a share, in the October-December quarter. That was up from $40 million, or 11 cents a share in the same quarter of 2006. Cameco 3-month TSX chart

Cameco said its overall revenue for the quarter was $494 million, down from $512 million.

The company’s revenue from its uranium business decreased by $23 million to $219 million comparedwith the same period in 2006 due to a 39 per cent drop in sales volume. However, that was made up for by a 49 per cent increase in the average realized price for uranium.

Cameco said earnings before taxes from its uranium business increased to $63 million, from $49 million.

The company’s fuel services business posted a loss before taxes of $36 million on rising costs stemming from a shutdown of Cameco’s Port Hope, Ont., uranium hexafluoride plant. The company booked $14 million in expenses to clean up contaminated soil at the plant. In the fourth quarter of 2006, the fuel business had earnings before tax of $11 million.

Shares of Cameco slipped 13 cents to close at $32.19on the TSX. The stock is near its 52-week low of $32, which was reached on Jan. 22.