RAPAPORT... Petra Diamonds reported that revenue rose 8 percent year on year to $105.7 million during the third fiscal quarter that ended on March 31, as production rose and the rough market continued to firm up. Petra sold 668,193 carats of diamonds during the quarter, 7 percent more than one year ago. Group production rose 4 percent to 647,248 carats due to continued growth in combined production across Petra's operations.
Petra noted that the rough diamond market continued a strengthening trend begun in November as global diamond supplies remained constrained, while consumer demand for polished stoned remains steady.
Production at the Finsch mine added 343,988 carats to its inventory, while sales totaled $46.4 million for 355,332 carats, with an average price of $131 per carat. Production at the Cullinan mine fell 7 percent to 206,844 carats, while sales dropped 17 percent to $28.5 million, for an average price of $138 per carat. Petra's Koffiefontein mine produced 7,360 carats and achieved sales of $3.6 million, while sales from the Kimberley Underground operation reached $12 million and 37,982 carats were produced. The company's three fissure mines in South Africa produced 20,372 carats and generated $5.3 million in sales.
During the quarter, Petra sold two special stones, one from Cullinan and one from Finsch , exceeding $3.8 million. The company intends to hold two more tenders before the financial year end. Petra is in the process of determining the best way to market a rare 25.50-carat blue diamond recovered at Cullinan in April.
Petra's CEO, Johan Dippenaar, said the company is focused on achieving its stated full year production target for fiscal 2013 and is encouraged by the firmer trend seen in the rough market.
In January, the company lowered its production target for the current fiscal year for the second time, by 200,000 carats to 2.65 million carats due to labor disruptions that occurred at its South Africa mines in October 2012.
For the fiscal year to date, Petra's revenue rose 31 percent to year on year to $262 million and production increased 20 percent to 1,894,767 carats.
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