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Petra Diamonds Records Net Loss of $15M

The miner expects higher revenue due to more number of Petra tenders.
Feb 25, 2013 3:54 AM   By Dilipp S Nag
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RAPAPORT... Petra Diamonds Ltd. reported a net loss of $15.2 million for the six months that ended on December 31, as it accounted for losses from the sale of its Fissure mines. The miner reported a net loss of $26.7 million during the same period one year ago. 

The company stated that it recorded impairment charges of $17.8 million relating to the Fissure mines, whose disposal process is underway.  Petra restated the trading results for the first half to account for assets held for sale. Accordingly, the company's revenue rose 63 percent year on year to $151.7 million during the first half of the year, while profit from mining activity rose 26 percent to $41.2 million.

Production, including from the Fissure mines, rose 31 percent to 1.247 million carats. The company held diamond inventory worth $45.4 million as of December 31, up from $38.1 million a year earlier.

Petra stated that the rough diamond market is expected to remain stable in the second half of the year, with the firmer trend confirmed at its first tender, which generated $62.1 million on the sale of 401,159 carats.

“Petra enters the second half of fiscal 2013 in a strong position to continue its robust long-term growth trajectory, with fully funded expansion programs progressing as planned, well controlled costs and significantly higher sales expected in the second half due to seasonal tender timing,” said Johan Dippenaar, CEO of Petra. “Our fiscal 2019 target of five million carats remains on track.”

The company expects carat sales to be substantially higher in the second half as it will have five tenders as opposed to three tenders in the first half of the year.
Tags: diamond, Dilipp S Nag, Fissure mines, petra, Petra Diamonds, Production, rough
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