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Petra Diamonds quarterly revenue up 33% thanks to inventory carry
StockMarketWire.com
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Diamond producer Petra Diamonds posted a 33% rise in first-quarter revenue despite production falling, after it carried over inventory from the fourth quarter of the previous year.
Revenue for the three months through September rose to $82.0 million, up from $61.6 million year-on-year.
Production fell 10% to 974,346 carats, mainly due to the Williamson mine remaining on care and maintenance.
Diamond prices climbed around 21% on a like-for-like basis at the September 2020 tender in comparison to the prices obtained following the Covid-19 outbreak.
Prices, however, were still down around 10% in comparison to pre-Covid-19 levels.
Petra Diamonds said its production guidance for the full year remained suspended, due to ongoing uncertainty around the impact of Covid-19.
'While the mines are generally operating at planned levels, there remain risks to production relating to the impact of the stringent Covid-19 measures in place,' it said.
Story provided by StockMarketWire.com
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