Petra Diamonds Increases Revenue, Production in Third Fiscal Quarter

Petra Diamonds Ltd. (LSE:PDL) provided an interim management statement that covers production and sales for its third fiscal quarter, the period between January 1, 2014 and March 31, 2014.

Highlights include a 55-percent increase in revenue from the year-ago quarter; specifically, revenue hit US$163.9 million.

Other key points include:

  • Production for Q3 FY 2014 up 15% to 743,424 carats (Q3 FY 2013: 647,248 carats).
  • Production for nine months to 31 March 2014 up 26% to 2,379,140 carats (nine months to 31 March 2013: 1,894,767 carats).
  • Petra firmly on track to meet FY 2014 production target of ca 3.0 million carats.
  • Revenue is weighted towards the second half of the financial year (‘H2′) due to the usual seasonal timing of Petra’s diamond sales; two more tenders are to take place between the date of this IMS and financial year-end.
  • A strong start to the calendar year for the rough diamond market, with prices achieved by Petra up around 10%; Petra expects the market to consolidate around current price levels for the remainder of FY 2014.

Click here to read the full Petra Diamonds Ltd. (LSE:PDL) press release.