Petra Diamonds Sells 27.42 Carats of Polished for $400,000

Petra Diamonds Limited announced in its interim results for the six months ended December 31 (unaudited) that its polished diamond sales totaled $400,000 on 27.42 carats, contributing to total half-year revenues of $32.1 million, a 291 percent growth year-over-year. The remaining $31.7 million was a profit of rough sales.

The company’s net profit, stated before depreciation, amortization of intangibles, interest paid and foreign exchange gains, came to $16.1 million. Exploration and administration expenses totaled $1 million and $5.9 million respectively.

These are the first polished diamond sales figures that Petra has announced. The mining and exploration company continues to build up its Calibrated Diamonds production and says that it aims to cut and polish 2,500 carats of rough by mid-2008.

Petra previously released half-year results in late January (see here), in which the polished sales figures were not listed.