PETRA’S REVENUE FLAT, PRODUCTION UP IN FY 2016

Petra Diamonds has announced its preliminary results for the year ended 30 June 2016. According to Petra, revenue was up 1% to $430.9 million, while net profit after tax was up 12% to$66.8 million, compared to $59.6 million year-on-year.

Production was up 16% to 3.7 million carats, compared with 3.2 million carats in FY 2015 – ahead of company guidance. Petra also added that production is expected to rise to 4.4 – 4.6 million carats in FY 2017, and that all expansion programmes are on track and on budget. The first tender held in early September raked in $94 million, with approximately 745 kcts sold. Two more tenders will be held during H1 FY 2017.

Petra’s CEO Johan Dippenaar commented that Petra “delivered a strong set of results notwithstanding the number of challenges faced during FY 2016, which included managing production from heavily diluted areas at our underground mines, as well as market related pressure on prices particularly in H1”.