25th Jan 2016 07:49
LONDON (Alliance News) - Petra Diamonds Ltd on Monday said its production outpaced its guidance in the first half of its financial year, but revenue sunk due to lower prices for the diamonds it sold, although the group expects an improvement in the second half.
Petra said its production for the half to the end of December rose 2.0% year-on-year to 1.6 million carats, ahead of its production guidance for the half of 1.5 million carats and leaving the group on track to hit its full year target of 3.3 million to 3.4 million carats.
Revenue, however, fell 28% in the half to USD154.0 million, from USD214.8 million, as the number of diamonds sold fell 7.0% and the price of rough diamonds declined around 9.0% year-on-year.
The group said its expects its diamond sales to recover in the second half, though, thanks to the timing of tenders.
By Sam Unsted; [email protected]; @SamUAtAlliance
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