18th Sep 2020 15:43
Gemfields Group Ltd - London and Johannesburg-listed gemstone supplier - For the six months to the end of June, swings to pretax loss of USD66.1 million from profit of USD22.2 million the year before, on revenue declining by 83% to USD15.0 million from USD89.0 million.
Operationally, revenue from the Kagem Emerald mine in Zambia fell by % to USD11.5 million from USD33.2 million, as operations at the mine being suspended at the end of March, while no revenue was generated from the Montequez ruby mine in Mozambique, as global restrictions from the pandemic meant it was unable to hold its June mixed-quality ruby auction.
At Kagem production of emerald and beryl fell by 40% to 9.4 million carats from 15.6 million carats, while at Montequez ruby and corundum output edged higher to 1.2 million carats from 1.1 million.
Current stock price: 5.87 pence in London, ZAR1.30 in Johannesburg
Year-to-date change: down 50% since February in London, down 29% in Johannesburg.
By Dayo Laniyan; [email protected]
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