The diamond mining company with operations in Tanzania, Botswana and South Africa, Petra Diamonds Ltd, has posted a pretax profit of $ 42.2 million for the six months ending 2013 from a pretax loss of $ 14.9 million the previous year.
The company said its revenues increased 19 percent to $ 185.5 million from $ 156.3 million as the company increased production and sold five stones, each at prices exceeding $n1 million during the period, including a 126.4 carat stone that was sold for $ 8.5 million in December 2013.
Cash at bank at December 31st, 2013 was $ 28.0 million from $ 38.2 million a year before and diamond inventories of around $ 49.4 million from $ 45.4 million a year earlier.
Loans and borrowings as of December 31st, 2013 were $ 136.8 million compared with $ 124.2 million in the previous year.
Production was up 31 percent to 1,635,716 carats and the firm said it remains on track to meet full year guidance of around 3.0 million carats for 2014 financial year.
"Petra's growth plan to achieve annual production of 3 million carats in 2014 and 5 million carats by 2019 continues to progress well, with all expansion programs on track and on budget, and group capex entirely funded by operating cash-flow for the first time during the first half of 2014," Petra's CEO Johan Dippenaar said.
"We look forward to a strong second half, incorporating a continued firm rough diamond market, higher carat sales, and higher revenue and cash-flows augmented by the sale proceeds of the 29.6 carat blue diamond from Cullinan," he said.
The company said its revenues increased 19 percent to $ 185.5 million from $ 156.3 million as the company increased production and sold five stones, each at prices exceeding $n1 million during the period, including a 126.4 carat stone that was sold for $ 8.5 million in December 2013.
Cash at bank at December 31st, 2013 was $ 28.0 million from $ 38.2 million a year before and diamond inventories of around $ 49.4 million from $ 45.4 million a year earlier.
Loans and borrowings as of December 31st, 2013 were $ 136.8 million compared with $ 124.2 million in the previous year.
Production was up 31 percent to 1,635,716 carats and the firm said it remains on track to meet full year guidance of around 3.0 million carats for 2014 financial year.
"Petra's growth plan to achieve annual production of 3 million carats in 2014 and 5 million carats by 2019 continues to progress well, with all expansion programs on track and on budget, and group capex entirely funded by operating cash-flow for the first time during the first half of 2014," Petra's CEO Johan Dippenaar said.
"We look forward to a strong second half, incorporating a continued firm rough diamond market, higher carat sales, and higher revenue and cash-flows augmented by the sale proceeds of the 29.6 carat blue diamond from Cullinan," he said.
