Bengaluru — Petra Diamonds reported a 21% increase in full-year revenue on higher diamond prices and production on Monday, while a tight leash on costs helped the miner cut its debt pile by 15%. Petra has taken measures to keep its debt in check after years of heavy spending, but the effect of a confiscated consignment in Tanzania and the recent strengthening of the rand has hurt its business. Total production rose 15% to 4.6-million carats, helped by the ramp-up of its new Cullinan plant in SA. Petra, which operates four mines in SA and one in Tanzania, said production at Cullinan alone jumped 74% to 1.4-million carats. Net debt fell to $436.1m as of June 30 from $513.9m at the same time in 2017, while operating costs remained in line with its expectations during the year, Petra said. The company said it saw a 2% rise in rough diamond prices on a like-for-like basis during the year, adding that it expected the diamond market to remain healthy. Revenue rose to $576.4m for the 12 mon...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.