Petra's Sales Leap 88%, Returning it to Profitability

Petra CEO Johan Dippenaar holding the 507 carat Cullinan Heritage diamond that sold for $35.3 million

(IDEX Online News) - African diamond miner Petra Diamonds Limited posted revenues of  $163.7 million for the fiscal year ending June 30, 2010 and a profit of $70.2 million, compared to a $89.0 million loss in fiscal 2009, according to unaudited preliminary results published on Monday.

The group sold 1.13 million carats for $177.7 million, an 11 percent increase in volume and 88 percent jump in value, mostly due to the sale of a number of exceptional diamonds. The 507 carat Cullinan Heritage diamond, for example, sold for $35.3 million.

Petra, which operates the Cullinan, Koffiefontein, Kimberley Underground, Williamson and Fissure mines, recovered 1.2 million carats.

The company reported a rise in prices at its last few tenders. The Koffiefontein sale of 17,007 carats of goods averaged $517 per carat, compared to an average of $402 p/c achieved during the past fiscal year.