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Petra Diamonds revenue rises 16% on higher gem prices
StockMarketWire.com
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Gem miner Petra Diamonds reported a 16% rise in third-quarter revenue, thanks to higher diamond prices, offsetting a fall in production.
Revenue for the three months through March increased to $106.0 million, up from $91.3 million year-on-year.
The rise came even as diamond output sank 48% to 1.8 million tons.
Petra Diamonds said diamond prices had recovered to pre-Covid-19 levels.
Its revenue for the first nine months of its financial year was $284.2 million, down slightly from $285.2 million year-on-year.
'We are seeing encouraging signs of a recovery in the diamond market, supporting better pricing, reflected in the third quarter revenue numbers,' chief executive Richard Duffy said.
'Post completion of the capital restructuring, Petra is in a far stronger position, with a solid platform for future growth and development.'
'Production during the period reflected continued out-performance from Cullinan, with remedial action to address waste ingress at Finsch delayed as a result of excessive rainfall levels, which also negatively impacted Koffiefontein, whilst the Williamson mine remains on care and maintenance.'
'We expect to see improved performance from Finsch as underground water ingress reduces and the remediation steps are implemented.'
Story provided by StockMarketWire.com
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