Petra Diamonds’ revenues up 27% in fiscal 2012-13

In fiscal year ending June 30, 2013, Petra Diamonds noted a rise in its revenues, by 27 percent (on y-o-y basis) to $402.7 million. Its production was up 21 percent to 2.668 million carats, which the company notes contributed to the rise in its revenues, reports say.

The mining company also believes its production was spurred by the Finsch mine which contributed to a full year of production. Petra acquired the mine from De Beers last year. Petra Diamonds' share of Finsch production rose 28 percent to 1.412 million carats, while revenue was up 17 percent to $160.6 million. There was a 13 percent drop in average price achieved to $120 per carat.

The company experienced that rough diamond prices in the said fiscal were flat in the first half of the fiscal year closing December 31, 2012. The prices then took an upswing in the second half. On the basis of the whole year, the average price achieved dropped at most of the company’s mines. Prices in fiscal 2014 are expected to be steady, reports suggest.

company’s inventory was up 57 percent (on y-o-y basis) to 348,403 carats, reports add.