Gemfields' 1H Revenue +57%, Profit +42%

Gemfields reported that revenue from rough and polished emerald sales rose 57 percent year on year to $45.7 million for the six months that ended on December 31, 2011. Net profit rose 42 percent to $22 million, Rapaport reported. The company held estimated emerald inventory of $22 million, nearly twice the amount from one year ealier.
Ian Harebottle, the company's chief executive, said, ''Gemfields has once again enjoyed a financially robust first half with increasing demand, solid financial controls and improving operating efficiencies underpinning gratifying margins.  We’re excited about the future given the anticipated increase in production from the Kagem emerald mine (a direct result of our commitment to waste mining over the past half year) and the acquisition of a controlling stake in the foremost Mozambican ruby deposit.  We have a healthy cash position, an exceptional team and an exhilarating platform for growth.''