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

Too embarrassed to ask: what is short selling?
Too embarrassed to ask

Too embarrassed to ask: what is short selling?

Short sellers are often accused of unfairly driving share prices down to make a quick buck. But short selling is a perfectly legitimate – if risky – t…
26 Jan 2021
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

Most Popular

The FTSE 100 is set for a makeover with an influx of new tech stocks
UK stockmarkets

The FTSE 100 is set for a makeover with an influx of new tech stocks

The FTSE 100 – the dullest index in the world – is about to reinvent itself as a host of new firms list on the market. The change is long overdue, say…
24 Jan 2021
Think Tesla is a bubble? This might be the best way to bet on it bursting
Oil

Think Tesla is a bubble? This might be the best way to bet on it bursting

The huge rise in Tesla’s share price means that, by market value, it’s now the sixth-largest company in the US and and the world’s biggest car-maker. …
25 Jan 2021
Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021