Third quarter revenue rises 8.0 per cent at Petra Diamonds

Revenue rose 8.0 per cent to 105.7m dollars in the third quarter of the fiscal year at FTSE 250-listed independent mining group Petra Diamonds, an interim management statement revealed.

Revenue rose 8.0 per cent to 105.7m dollars in the third quarter of the fiscal year at FTSE 250-listed independent mining group Petra Diamonds, an interim management statement revealed.

In the period from January 1st until March 31st, production rose 4.0 % to 647,248 carats driven by constrained global diamond supply and steady consumer demand.

The number of carats sold was up 7.0% to 668,193 compared to 626,958 in the third quarter of the previous year. Petra also reported that it had sold two special stones exceeding $1.0m each during the third quarter for revenue of $3.8m.

The company said it was considering the various routes to market the 25.5 carat blue diamond recovered in April 2013.

Production for the nine months to March 31st was up 20% to 1,894,767 carats and the company said that it was "on track" to meet its 2013 production target of approximately 2.65m carats.

Johan Dippenaar, Chief Executive Officer of Petra Diamonds, said: "The company has delivered a solid operational performance in the third quarter, and we are focused on achieving our stated full year production target for the fiscal year 2013.

"Likewise, we are encouraged by the firmer trend within the rough diamond market, giving a positive outlook for the remainder of this financial year."

Petra Diamonds' share price was up 0.94% to 107.30p at 10:42 on Wednesday.

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

Why commodities could be the best investment for 2021
Commodities

Why commodities could be the best investment for 2021

There’s plenty for investors to worry about right now. But things will inevitably recover. And the sector most likely to do best when they do, says Jo…
22 Oct 2020
Negative interest rates and the end of free bank accounts
Bank accounts

Negative interest rates and the end of free bank accounts

Negative interest rates are likely to mean the introduction of fees for current accounts and other banking products. But that might make the UK bankin…
19 Oct 2020
Buying bitcoin could be the best way to play the remote working boom
Bitcoin

Buying bitcoin could be the best way to play the remote working boom

The coronavirus pandemic has accelerated the move to home working, flexible employment practices and the rise of the “digital nomad”. One of the best …
21 Oct 2020