Petra Q1 Revenue Drops 23%
October 22, 19
(IDEX Online) - Petra Diamonds announced a 23-percent drop in revenue to $61.6 million in Q1 2020 compared to $80.2 million in the same quarter of 2019. By volume, the number of carats fell from 626,541 to 603,626. The company said the drop in revenue resulted from lower diamond prices and volumes and a poorer product mix at Finsch, Williamson and Koffiefontein. Production increased 1 percent to 1,082,764 carats (Q1 FY 2019: 1,068,140 carats) during the quarter and is on track for 3.8 million carats for FY 2020. Diamond prices for the quarter fell 4 percent compared to Q4. However, the company said that prices at the second tender indicate some stabilization and early signs of modest improvement. As previously announced, Petra will sell a 20.08-carat Type IIb exceptional blue diamond, recovered at the Cullinan mine in September, at a special tender in Johannesburg in November 2019.