Petra Diamonds income spikes 49% to £194.65m

Petra Diamonds has introduced its income surged 49% to $264.7m (£194.65m) within the six months ending 31 December 2021 (H1 FY22), in comparison with $178.1m (£130.9m) in the identical interval in 2020 (H1 FY21).

The producer stated the rise is especially pushed by the sale of remarkable stones totalling $77.9m (£57.28m), up 92% from $40.4m (£29.7m) in H1 FY2. 

It’s reportedly additional supported by the “robust” diamond market, with tough diamond costs on a like-for-like foundation up 16% in comparison with the previous six-month interval to 30 June 2021.

Nonetheless, Petra Diamonds’ gross sales volumes lowered by some 7% in H1 FY22 in comparison with H1 FY21 as a listing construct up in FY20 following the preliminary Covid outbreak led to “considerably” increased volumes being offered in 2021.

Manufacturing can be up year-on-year by 2% from 1,740,862 carat to 1,777,424 carats. Petra Diamonds stated that is attributable to the Williamson mine resuming manufacturing throughout the interval. Complete accidents have been additionally down 21% within the interval.

Richard Duffy, chief govt of Petra Diamonds, stated: “I’m more than happy with each the numerous enchancment in our security efficiency in H1 and our sturdy working outcomes, with manufacturing comfortably monitoring our steering.

“This robust working efficiency, along with proceeds from the sale of remarkable stones supported by a powerful market delivering ongoing worth will increase, has raised profitability, additional strengthened our stability sheet and improved our money place, which units us up effectively for the second half of FY22 and past.”

Written by colin

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