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Petra Diamonds FY Revenue -10% as Rough Prices Fall
Jul 27, 2015 5:07 AM
By Ronen Shnidman
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RAPAPORT... Petra Diamonds' revenue declined 10 percent year on year to $425 million for the fiscal year that ended on June 30 as a decline in rough diamond prices impacted sales, according to a company statement.
By volume, rough diamond sales increased 1 percent to 3.169 million carats during the year. The average price of diamonds sold declined 10 percent on a like-for-like basis. A decrease in ore grade and product mix from diamonds recovered from old mining areas, especially the Cullinan mine in South Africa, also contributed to the revenue decline.
The miner reported that its rough diamond production rose 2 percent to 3.2 million carats during the fiscal year. Measures to boost ore-grade recovered from the Cullinan underground mine in the fourth quarter resulted in an increase to 23.1 carats per hundred tonnes from 20.9 carats per hundred tonnes the previous quarter.
Management issued guidance that it anticipated production will reach between 3.3 million and 3.4 million carats for fiscal 2016, which represents an increase of between 3 percent and 4 percent from the previous year. Management said that the company would remain firmly on track to achieve its goal of producing 5 million carats per year by the end of its fiscal 2019.
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Tags:
Cullinan, Petra Diamonds, Ronen Shnidman, rough prices
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