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Petra Diamonds annual revenue falls 6% in weaker gem market

By BFN News | 07:34 AM | Monday 22 July, 2019


Petra Diamonds said its annual revenue fell 6% amid lower gem prices and forecast production volumes to fall in the current financial year. Revenue for the year through June had fallen to $463.6m, down from $495.3m on-year, which the company said reflected a weaker diamond market. Production increased slightly to 3.87m carats, up from 3.84m carats, which the company said was in line with its guidance. Petra guided for annual production in the 2020 financial year of around 3.8m carats. Total mine costs were expected to remain flat in 2020, with inflationary pressures partially offset by lower tailings production and a group-wide focus on streamlining operations. 'Petra delivered solid results in both a difficult market and during its continued transition from a period of high capital investment to a steady state operational phase,' chief executive Richard Duffy said. 'The focus in the short term is on driving efficiencies across the business through Project 2022 to provide a stable, consistent operating platform off which to drive improvements, supported by an appropriate organisational structure and cost base to enhance our cash flow generation and significantly reduce our net debt.' Story provided by StockMarketWire.com

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