diamond Cullinan Mine

PETRA LOSES $203 MILLION IN FISCAL 2018, CEO STEPS DOWN

Petra Diamonds has announced a net loss of $203.1 million in fiscal 2018 (ended June 30, 2018). According to Gem Konnect, the loss takes into account the Kimberley Ekapa Mining (KEM) joint-venture, which Petra sold to Ekapa Mining in July 2018.

 

Excluding the KEM joint venture, Petra reported revenue of $495.3 million – up 25% year-on-year. Pre-tax earnings totaled $195.4 million – a 37% rise year-on-year. Profit from mining activities was up 33% to $205.1 million. Excluding the KEM joint venture, Petra produced 718,635 carats for July and August. It stays on track to achieve its previously stated guidance of 3.8-4 million carats for fiscal 2019.

 

Petra also commented that company CEO Johan Dippenaar will step down after 12 years as CEO. Petra’s Chairman Adonis Pouroulis thanked Dippenaar for leading “Petra through a long period of significant growth” and added that “a successor for the CEO position will be appointed in due course”. Dippenaar will continue in the role of CEO until a replacement is appointed.

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