Petra Diamonds Q3 Revenue Slips, Up In First Nine Months Of Fiscal Year

(IDEX Online) – Petra Diamonds reported that revenue was down 1 percent in its third quarter ending March 31 to $119.1 million with no revenue from Exceptional Diamonds.

That compares with $120.5 million, including $15.0 million from Exceptional Diamonds, in the year-earlier quarter. Excluding Exceptional Diamonds, revenue increased 13 percent.

Meanwhile, revenue for the nine months to March 31 was up 27 percent to $347.6 million, including $10.9 million from Exceptional Diamonds, compared with $274.4 million, including $25.0 million from Exceptional Diamonds a year before. Excluding Exceptional Diamonds, revenue increased 35 percent.

Rough diamond prices were up around 2 percent on a like-for-like basis in comparison to the average for H1 FY 2017, the miner reported.

Production during the third quarter was flat at 999,768 carats but run-of-mine production for Q3 increased 18 percent to 760,916 carats due to ROM grade improvements as a result of the ongoing ramp-up of underground expansion projects. Q3 tailings and open pit volumes were impacted by unseasonably high rainfall in both South Africa and Tanzania.

Production for nine months to March 31 was up 15 percent to 3,014,856 carats from 2,625,308 carats). The group maintains full year production guidance of around 4.4 million carats.

Johan Dippenaar, Chief Executive Officer, commented: "Further progress has been made with our expansion programs during the period, as evidenced by the higher ROM grades achieved as a consequence of the increased contribution from undiluted ore.