Gem Diamonds' revenues in 2015 down 8%

Gem Diamonds’ full year revenues as at December 31, 2015 dropped 8 percent on y-o-y basis to value US$ 249.5 million, reports say. Profits rose 12 percent to US$ 67.4 million, while underlying EBITDA stood at US$ 103.5million (down 2 percent on y-o-y basis).

The company noted that the prices achieved for Letšeng's diamonds in the said year were robust irrespective of the global environment and the high quality diamond recovery Letšeng supported the good results with average price of US$2 299 per carat for the year, as per reports.

An attributable profit (post exceptional items) worth US$ 52.0 million (a 75 percent rise on y-o-y basis) was declared by the company and earnings per share (pre exceptional items), stood at 30.2 US cents, or 26 higher than the previous year. The company’s Board recommended an Ordinary dividend of 5 US cents per share; and a Special dividend of 3.5 US cents per share, as per reports.