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

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