Petra Diamonds Posts Jump In Revenue, Record Quarterly Output
October 27, 14
.jpg) CEO Johan Dippenaar: "meaningful contribution |
The Interim Management Statement covers the period from July 1 to October 24, covering production and sales from July 1 to September 30.
Production for the period edged up just 2 percent to 833,744 carats from 816,735 carats a year before, but was the highest quarterly production in the company's history.
Following the end of the first quarter, Petra announced the sale of the 232-carat Cullinan white diamond for $15.2 million.
"The diamond market is exhibiting customary seasonal softness in the post summer period, but Petra expects it to firm up as usual towards the end of the calendar year," Petra said in a statement.
"There are no changes to FY 2015 diamond price guidance. All expansion programs remain on track and in line with expectations."
Johan Dippenaar, Chief Executive Officer, commented: "These results demonstrate a strong performance for the group, with record Q1 production and sales. It is particularly pleasing to see the meaningful contribution from the smaller mines, Koffiefontein, Kimberley Underground and Williamson, as each of these operations have been ramping up output successfully. Our major expansion plans at Finsch and Cullinan are progressing as planned, with the targeted output of 3.2 million carats for FY 2015 and circa 5 million carats for FY 2019 firmly on track."
Petra said following continued strong production and financial results, "its lender group has agreed to increase the group's overall financing facilities, at reduced lending rates, by the equivalent of around $40.4 million to about $260 million, thereby providing additional funding headroom, financial flexibility and further strengthening of the balance sheet".