Trans Hex's former profits turns into loses

A 21 days workers' strike in South Africa has taken its toll on diamond company Trans Hex, with the firm reporting that its former profits have turned into losses. The company on Friday reported a loss of $5.3M for the six months to end-September from the profit of $3.2M delivered in the comparative period the year before. While the company produced 35,865 carats of rough diamonds in September 2012, it produced only 21,849 carats in September 2013. Revenue contracted to $25M during the first half of 2013, compared with the $33M revenue generated in the comparative period last year. The company attributed the lower revenue to a 21% decrease in the number of carats sold, owing to lesser production and a 14% decrease in average prices owing to lesser special stones being recovered.