HomeDiamonds & GemstonesFurther production and revenue growth for Petra

Further production and revenue growth for Petra

London, England — 30 January 2013 – Leading independent diamond mining group Petra Diamonds reports sharp increases in both production and revenue during the six months ended 31 December 2012.

Releasing a trading update for the second half of last year here, the company revealed that production had risen 31% to 1.25cts, compared to 953,553cts in the second half of 2011. It added, however, that it expected its previous FY 2013 production guidance of 2.85Mcts to be lower by 200,000cts (approximately 7%); but the medium-term outlook of achieving continued production growth until the development plans deliver production from the new mining areas remained firmly intact. Petra’s production target of 5Mctspa by FY 2019 remained on track.

The update added that revenue from July to December 2012 was up 54% to US$156.3 million, compared to US$101.4 million from January to June 2012.

It went on to say that expansion programmes had progressed well with capital expenditure of US$92.1 million (H1 FY 2012: US$56.7 million), within management expectations and in accordance with the roll out of the Group’s expansion programmes.

Cash at bank at 31 December 2012 amounted to US$36.6 million (H1 FY 2012: US$45.1 million) and diamond inventories at 31 December 2012 were US$45.4 million (H1 FY 2012: ca. US$38.1 million).

Petra CEO Johan Dippenaar commented:
“These results mark a further step change in production and revenues for the Group.  Our production growth plans remain in place, with targeted output growing to 5Mcts by FY 2019.”

Source: Petra Diamonds. For more information, click here.