Petra Diamonds’ revenues rise 13% in H1 of fiscal 2012

At the end of the six months closing December 31, 2011, revenues at Petra Diamonds rose increased by 13 percent y-o-y to $101.4 million. Also production rose by 64 percent on y-o-y basis to 953,553 carats. The said six months also include Petra’s acquisition of the Finsch mine from De Beers in September, which is said to have contributed to the increased production. Petra is optimistic of achieving production of 2 million carats in fiscal 2012.

Petra closed the six months with a net loss of $26.7 million, from a profit of $24.5 million in the comparable six months of 2010. The company attributes this to the unrealized foreign exchange charges. On a more optimistic note, the company is looking at good sales turnout for the second half of fiscal 2012, given a more stable market environment. Also, the company’s first fiscal half has ended with a higher inventory stock worth $38.1 million as compared to $20.1 million in the same period in 2010.