12th Nov 2013 11:51
LONDON (Alliance News) - Petra Diamonds Limited Tuesday said its sales and production increased in the company's first quarter despite industrial action and a weaker price environment.
The diamond mining company with operations in Tanzania, Botswana and South Africa said its sales increased 27% to USD65.1 million for the three months ended September 30, from USD51.1 million in the same period the previous year, as its sales volumes increased to 589,233 carats from 318,700 carats.
The company said weaker prices have slowed its revenue growth, but it expects a firmer diamond market going into the first half of calendar 2014. Petra maintained its average price guidance for its full year 2013-14.
The company's production was up 25% to 816,735 carats from 654,690 carats despite some of Petra's South African mines being hit by industrial action between August 29 and September 16.
Finsch, as the only South African operation unaffected by the industrial action in the company's first quarter, increased carat production by 61% to 517,667 carats.
In addition, the company has decided to maintain its overall production guidance for its full year 2014 at 3 million carats.
Petra Diamonds shares were down 1.7% to 112.30 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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