Petra's Q2 Revenue Down 15%
January 17, 24
(IDEX Online) - Petra's Q2 revenue fell by almost 15 per cent, faced with what the company described as "continued lower diamond pricing environment."
Rough sales were down from $105.7m to $90.2m. Half-year sales were down just over 9% from $207.1m in 2023 to $187.8m, the UK-based miner said in its H1 FY 2024 Operating Update published yesterday (16 January). There was no revenue from the sale of exceptional stones.
Total revenue for FY2023, as reported previously, was $328.4m, down 44 per cent on $584.1m in FY2022.
"While we are seeing encouraging indications of price recovery and some stabilisation in the rough diamond market, following actions taken by both producers and the mid-stream, we continue to adopt a cautious approach to the market in the near-term," said CEO Richard Duffy.
Output during the half-year increased 2% as the company stabilized operations at its Finsch and Cullinan Mines in South Africa, and ramped up production at Williamson, in Tanzania, which has re-opened after a breach of its tailings dam in October 2022. It has closed its loss-making Koffiefontein mine, in South Africa.
Petra said it remained on track to meet its FY 2024 production guidance of 2.9m carats to 3.2m carats, although it expects the figure to be towards the lower end of the forecast.
Pic courtesy Petra