30 Nov 2021
DiamondWorld Directory
-
Home |
News
Home
Petra Diamonds announces interim results
Revenues increase by 5%
By: Diamond World News Service
|
Feb 24 2009 12:51PM
|
Reference: 3565  

DecreaseIncrease

Petra Diamonds has announced its interim financial results according to which, its revenues increased by 5 percent to $33.8 million in the six months ending December 31, 2008. It however encountered a net loss of $88.1 million in the first fiscal half, while in the same period the previous year it had enjoyed a profit of $8.2 million. The company had to pay $75.3 million in impairment losses to its assets during the reporting period, charges it did not have during the previous year.

According to the production details of the Group, in the first half of 2008 production increased by 444 percent to 550,413 carats, following the addition of the Cullinan mine during the beginning of the said period, while in the same period of last year, production amounted to 101,213 carats.

In the wake of the economic crisis of current times, the company is cautiously working at monitoring and maintaining its operating costs, efficiencies and capital expenditure. The company has recently reduced its exploration budget to $5 million a year with the intent to focus on its cash-generating and diamond-producing mines. In the bargain it has divested from most of its polished diamond business and exploration and development projects. Currently the company operates five mines in South Africa - Cullinan mine, the Koffiefontein mine and the three fissure mines, Helam, Sedibeng and Star. It also owns one mine in Tanzania after it recently acquired the Williamson mine from De Beers, and is awaiting final approval of its bid for De Beers Kimberley Underground operations.

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet
Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
*  Company:
 
*  Name:
 
*  Mobile:
 
*  Email:
 
 
Subscribe for DiamondWorld weekly Newsletter
 
Search News by City
Recent Issue
2021
AVAILABLE NOW...!
News in Pictures
Videos
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 30150
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 6604
GJEPC Chairman Interview
Views: 26408
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 36308
Promo for IJ Awards 2012 at NDTV Profit
Views: 50243
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 63602
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 20376
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 48238
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 47387
Advertisement
GIA 2021
Advertisement
DW Whatsapp Sub sq
Member of:
Supporter of: