Petra moves into the red

SOUTH Africa-focused Petra Diamonds yesterday reported a loss after tax of $2.1m (£1.3m) down from $59.2m profit last year, hurt by $38.6m foreign exchange losses due to swings in the value of the South African rand.

The FTSE 250-listed diamond miner, which has seven operating mines in South Africa and one in Tanzania, reported a 44 per cent jump in revenue to $316.9m over the year to 30 June, up from $220.6m last year. The Finsch mine in South Africa, whose acquisition completed in September 2011, was the main contributer to its robust revenues.