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Petra Diamonds swings to profit on FX gains, lower costs
StockMarketWire.com
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Gem miner Petra Diamonds swung to a first-half profit after it cut costs and benefited from foreign exchange gains.
Net profit for the six months through December amounted to $67.6 million, compared to a year-on-year loss of $10.0 million.
Revenue fell 8% to $178.1 million from 1,712,797 carats sold, down from $193.9 million from 1,743,807 carats sold.
Petra Diamond said $40.4 million of proceeds from the Letlapa Tala collection of blue diamonds, offset by weaker prices following the Covi-19 outbreak and fewer tenders during the period.
Adjusted net profit was $2.7 million, swinging from a $10.2 million year-on-year loss.
'Due to the ongoing uncertainty around the impact of Covid-19, production guidance for FY 2021 remains suspended,' Petra Diamonds said.
It added that the Williamson mine remained on care and maintenance, as had been the case since April, and that the situation remained under continual review.
At 8:06am: (LON:PDL) Petra Diamonds Ltd share price was 0p at 1.53p
Story provided by StockMarketWire.com
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