4th Oct 2013 11:30
LONDON (Alliance News) - Firestone Diamonds PLC Friday said losses halved in the year ended June 30, after last year's results were affected by the write-off of a mine in Botswana.
The Lesotho- and Botswana-focused diamond mining and development company posted a pretax losses of GBP14.5 million in the recent year, compared with losses of GBP30.4 million the year earlier. Last year, the company recorded a GBP13.3 million write down for its BK11 well in Botswana.
Firestone said revenue increased 52% to GBP9.9 million from GBP6.5 million in 2012, as diamond prices recovered well from the lows of 2012 and remained consistently within a USD85 to USD100 per carat range during the period.
Cash operating losses decreased 88% to GBP1.0 million from GBP8.3 million, care and maintenance costs fell 50% to GBP0.4 million from GBP0.8 million, while corporate expenses were reduced to GBP1.9 million from GBP2.3 million in 2012.
The company also said it appointed Stuart Brown as Chief Executive designate on September 2, replacing Philip Kenny.
Firestone shares were trading at 2.75 pence Friday, down 0.25p or 8.3%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
FDI.L