Half yearly revenue rises 63 per cent at Petra Diamonds

Revenue rose 63 per cent to 151.7m dollars in the six months to December 31st at Petra Diamonds.

Revenue rose 63 per cent to 151.7m dollars in the six months to December 31st at Petra Diamonds.

Profit from mining activity was up 26% to $41.2m and operating cashflow was valued at $25.3m inflow compared to an outflow of $3.6m in the first half of 2012.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were up 20% to $32.6m.

The group had cash at bank of $38.2m as of December 31st 2012 and diamond inventories of approximately $45.4m as of the same date.

Johan Dippenaar, Chief Executive Officer, said: "Petra enters the second half of fiscal year 2013 in a strong position to continue its robust long-term growth trajectory, with fully funded expansion programmes progressing as planned, well controlled costs and significantly higher sales expected in the second half due to seasonal tender timing.

"Our fiscal year 2019 target of five million carats remains on track."

Petra Diamonds has interests in eight producing mines in Africa and an exploration programme in Botswana. The company markets and sells its rough diamond production in Johannesburg and Antwerp.

Petra Diamonds' share price was unchanged at 115.80p at 08:27 on Monday morning.

MF

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
Central banks want politicians to take charge – but what will they do?
US Economy

Central banks want politicians to take charge – but what will they do?

The US Federal Reserve has come to the end of the road in terms of what it can do to accelerate any recovery, says John Stepek. It's over to the polit…
17 Sep 2020
IAG's share price is ready for take-off - here's how to play it
Trading

IAG's share price is ready for take-off - here's how to play it

The owner of British Airways has had a turbulent year, but is now worth a punt. Matthew Partridge explains the best way to play it.
8 Sep 2020