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Petra 9-Month Revenue $342M; Maintains 3.8-4M Ct. 2019 Output Guidance

Petra's Cullinan diamond mine in South Africa

Petra Diamonds announced that it had generated revenue of $342.4 million from the sale of 2.8 million carats, for the nine months ended March 31 last. This is a one percent increase over the $337.4 million from the sale of 2.6 million carats in the first nine months of the previous financial year.

 s revenue for the nine months to 31 March 2019 up 1% to US$342.4 million from 2,797,700 carats sold (Q3 FY 2018 YTD: US$337.4 million from 2,641,720 carats sold).

Third quarter (January-March 2019) revenue of $135.2 million due to a 6 percent reduction in sales volumes to 1,06 million carats, was 7 percent lower than the $145.7 million realised from the sale of 1.13 million carats.

The company said that it was maintaining its production guidance of 3.8 – 4 million carats for fiscal 2019.

The 425.1 carat, D colour, Type II gem quality diamond recovered at the Cullinan mine on March 29 last, is expected to be sold during the fourth quarter of the current financial year as previously announced.

Company Chief Executive Richard Duffy commented, “Our capital investment phase is largely over and we are well positioned to benefit from this as we move towards steady-state operational performance. I am pleased with the incremental improvement in operational performance at Cullinan, Koffiefontein and Williamson and despite a challenging January, Finsch’s performance through February and March is as expected.”

He added, “Our focus remains on the delivery of free cash flow to reduce our net debt and generate future options for the company.”

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