Petra's revenue up 55 per cent on sale of rare diamond

 
Billy Ehrenberg
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Petra Diamonds’s first quarter revenue jumped 55 per cent, boosted by the sale of a 122 carat blue diamond (Source: Getty)

Petra Diamonds’s first quarter revenue jumped 55 per cent, boosted by the sale of a 122 carat blue diamond.

Revenue jumped to $100.8m (£62.1m) in the first quarter, up from $65.1m for quarter one last year.

Petra sold an 85 per cent interest in the rare diamond for $23.5m back in September.

The revenue gain was also boosted by a two per cent increase in production, which rose to 833,744 carats, from 816,735 carats in the same period a year earlier.

The company said that the market was experiencing the customary seasonal softness but that it was not changing its price expectations for the coming year.

The next quarter is likely to provide good news for Petra: another huge diamond, this one a 232 carat Cullinan white diamond, sold for $15.2m on 24 October 2014, and will be included in quarter two results.

Johan Dippenaar, Chief Executive Officer, commented:
"These results demonstrate a strong performance for the Group, with record Q1 production and sales.
"It is particularly pleasing to see the meaningful contribution from the smaller mines, Koffiefontein, Kimberley Underground and Williamson, as each of these operations have been ramping up output successfully. Our major expansion plans at Finsch and Cullinan are progressing as planned, with the targeted output of 3.2 million carats for FY 2015 and ca. 5 million carats for FY 2019 firmly on track."

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