News Column

Petra Diamonds Says Full-Year Revenue And Production Up 17%

July 28, 2014

Anthony Tshibangu

LONDON (Alliance News) - Petra Diamonds Ltd Monday reported a 17% increase in revenue in its last financial year, as production also rose 17% to 3.1 million carats from 2.7 million carats a year earlier, above market guidance of 3 million carats.

In a trading update for the year ended June 30, the diamond miner said revenue rose to USD472.6 million in the year, from USD402.7 million a year earlier. It said it experienced a firmer diamond market in the second half, with rough diamond prices achieved by Petra either in line with or above full-year guidance.

The company said costs remained well controlled despite ongoing inflationary pressures experienced in the mining industry, specifically rising costs for labour and electricity. Capital expenditure rose to USD210.0 million, from USD191.2 million a year earlier.

Financially, Petra said it had USD33.3 million in cash at the bank at the year-end, compared with USD26.2 million a year earlier.

Net debt at June 30 of USD125.6 million was in line with management's expectations, the company said. In the previous year net debt stood at USD120.8 million.

Petra Diamonds shares were quoted up 2.5% at 216.23 pence Monday morning.

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Source: Alliance News

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