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

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
What does the Coinbase listing mean for bitcoin and other cryptocurrencies?
Bitcoin

What does the Coinbase listing mean for bitcoin and other cryptocurrencies?

As the bitcoin price hit new highs, the world's biggest cryptocurrency exchange, Coinbase, listed on the stockmarket. John Stepek looks at what that m…
15 Apr 2021
Lab-grown meat: how “moo’s law” will drive innovation
Soft commodities

Lab-grown meat: how “moo’s law” will drive innovation

Jim Mellon and Anthony Chow, co-founders of Aim-listed Agronomics, explain why they believe that “cellular agriculture” will benefit from massive long…
16 Apr 2021