Petra Diamonds has announced its interim results for the six months to 31 December 2016 (H1 FY 2017), reporting a rise of 48% in revenue to $228.5 million – up from $154.0 million year-on-year. Net profit after tax was up 348% to $28.2 million – up from $6.3 million year-on-year.
According to the miner, production was up 24% to 2,015,087 carats. The group experienced five fatalities in its mines during H1 FY 2017.
Petra also reports that it remains on track to deliver full year production of 4.4 – 4.6 million carats in 2017. It also expects conditions to remain stable in H2 FY 2017, as “signs of stabilisation in the rough diamond market are evident”.
Johan Dippenaar, CEO of Petra, commented that Petra is committed to “maintaining momentum and continuing to achieve operating efficiencies throughout the ramp up of each project in order to accomplish our stated goal of ca. 5.3 million carats by FY 2019”.
