Petra Diamonds’ first-half revenue for the fiscal year 2023 eased to $212.1 million from $264.7 million, a year earlier.
It said revenue from rough diamond sales decreased 20% to $210.7 million compared to the previous year’s $264.7 million.
Petra’s profit from mining activities less adjusted corporate overhead (adjusted EBITDA), decreased 49% to $77.4 million from the previous year’s $150.9 million, representing an adjusted EBITDA margin of 36% driven by the lower production, increased mining costs and zero contribution from exceptional stones.
Meanwhile, company chief executive Richard Duffy said they remain on track to meet recent production guidance.
He said their guidance shows annual production increasing by about 1 million carats from 2.8 million carats in the fiscal year 2023 to between 3.6 million and 3.9 million carats in the fiscal year 2025.
“Production will be further boosted from the recently approved C-Cut extension at the Cullinan Mine, set to deliver a total of 2.3 million additional carats from FY 2025 through to FY 2033,” said Duffy.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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