Bengaluru — Petra Diamonds reported a 21% increase in
full-year revenue on higher diamond prices and production on Monday,
while a tight leash on costs helped the miner cut its debt pile by 15%.
Petra has taken measures to
keep its debt in check after years of heavy spending, but the effect of a confiscated consignment in Tanzania and the recent strengthening of the rand has hurt its business.
Total production rose 15% to 4.6-million carats, helped by the ramp-up of its new Cullinan plant in South Africa.
Petra, which operates four mines in SA and one in Tanzania, said production at Cullinan alone jumped 74% to 1.4-million carats.
Net debt fell to $436.1m as of June 30 from $513.9m at the same time in 2017, while operating costs remained in line with its expectations during the year, Petra said.
The company said it saw a 2% rise in rough diamond prices on a like-for-like basis during the year, adding that it expected the diamond market to remain healthy.
Revenue rose to $576.4m for the 12 months to June 30 from $477m a year earlier.
Petra said on Monday there was no update regarding its confiscated diamond parcel in Tanzania.
The Tanzanian government confiscated a consignment of diamonds from a mine majority-owned by Petra in August 2017 after accusing the firm of under-declaring the value of the stones by about half. Petra has denied the charge.
Reuters
Petra has taken measures to
keep its debt in check after years of heavy spending, but the effect of a confiscated consignment in Tanzania and the recent strengthening of the rand has hurt its business.
Total production rose 15% to 4.6-million carats, helped by the ramp-up of its new Cullinan plant in South Africa.
Petra, which operates four mines in SA and one in Tanzania, said production at Cullinan alone jumped 74% to 1.4-million carats.
Net debt fell to $436.1m as of June 30 from $513.9m at the same time in 2017, while operating costs remained in line with its expectations during the year, Petra said.
The company said it saw a 2% rise in rough diamond prices on a like-for-like basis during the year, adding that it expected the diamond market to remain healthy.
Revenue rose to $576.4m for the 12 months to June 30 from $477m a year earlier.
Petra said on Monday there was no update regarding its confiscated diamond parcel in Tanzania.
The Tanzanian government confiscated a consignment of diamonds from a mine majority-owned by Petra in August 2017 after accusing the firm of under-declaring the value of the stones by about half. Petra has denied the charge.
Reuters
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