25th Mar 2021 10:50
(Alliance News) - Gemfields Group Ltd on Thursday said it is "reasonably certain" it will swing to a loss in 2020.
The London-based gemstones supplier said it expects to swing to a net loss after tax of USD93.2 million for 2020 from a profit of USD39.1 a year prior.
Loss per share is expected to be 7.0 US cents, swinging from an earnings per share of 2.0 cents.
Gemfields said: "Gemfields' 2020 auction schedule was severely impacted by the many travel, quarantines and congregating restrictions put in place to mitigate Covid-19 contagion. The pandemic has meant that no traditional Gemfields auctions have been held since February 2020, when USD 11.4 million was realised from the sale of commercial quality emeralds in Lusaka."
Gemfields added it is pleased to announce that its series of seven ruby and five emerald auctions commenced on last Monday.
Gemfields shares were down 5.1% at 7.00 pence each in London on Thursday morning. In Johannesburg on Thursday afternoon, the stock was flat at ZAR1.52 each.
By Greg Roxburgh; [email protected]
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