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Petra Diamonds' Revenue Narrows From Rough Price Declines

To start trading on LSE main market on Wednesday.
Dec 20, 2011 7:02 AM   By Avi Krawitz
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RAPAPORT... Petra Diamonds reported that its revenue for the period July to December 2011 was $23 million below expectations due to declining rough diamond prices. Petra warned that global economic uncertainty may continue to cause volatility in rough diamond pricing in the short term but added that strong growth in emerging markets is compensating for weaknesses elsewhere. As a result, the company expects prices to stabilize in the medium-term.

Petra further updated its resource estimate to include its reserves thus raising its estimated resource base from 302.7 million carats to 305.7 million carats. The company’s reserves of proved and probable contained diamonds now stands at 49.231 million carats.

Petra is scheduled to resume trading on the London Stock Exchange’s Main Market on Wednesday, December 21, transferring from its current listing on the Alternative Investment Market (AIM).

The company owns the Cullinan and Finsch mines in South Africa among others. It earlier reported that revenues rose 35 percent year on year to $220.6 million during its fiscal year that ended on June 30, 2011 but net profits declined by 16 percent to $59.2 million.

Tags: Avi Krawitz, diamonds, London Stock Exchange, Petra Diamonds, Rapaport, Rough Diamonds
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