Petra Diamonds production up 98% year-on-year

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Company’s revenue increases 44% to £202 million.

Petra Diamonds has released its unaudited results for the year ended June 30, outlining strong production growth equating to an increase of more than 98% year-on-year, with a production target of more than two million carats achieved.

Petra’s revenue totalled US$316.9 million (£202m), an increase of 44% compared to the financial year 2011, while its capital expenditure remained within the company’s expectations, at $134 million (£85m).

The company says its discussions with its bankers with regards to the restructure of the group’s optimal debt requirements are “progressing well”.

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Johan Dippenaar, chief executive of Petra Diamonds, said: “Petra continues to deliver on the group’s stated growth plan, with a doubling in production recorded for financial year 2012 to 2.2 million carats, driven mainly by the completion of the Finsch acquisition in September 2011.

“The group’s various expansion projects have also progressed according to plan during the year and this, together with the production growth recorded, puts the group in a strong position to deliver on its longer term objectives.

“Whilst we expect the rough diamond market to be challenging in the short term, the medium to long term fundamentals remain firmly in place.”

Petra will announce its full financial results for the year on September 24.
 

 

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