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Petra revenue down 6% to $463mln as diamond prices weaken

16 october 2019

petra_diamonds_logo.pngPetra Diamonds’ revenue for the fiscal year 2019 decreased by 6% to $463.6 million from $495.3 million, a year earlier, reflecting the weaker diamond market. 
Carats sold by Petra during the period under review were 2% lower at 3,73 million carats compared to 3,79 million carats in 2018.
Group chief executive Richard Duffy said their realised diamond prices were down by about 5% on a like-for-like basis in line with market movement during the period. 
“This pressure on pricing resulted in our adjusted EBITDA being down 22% to $153 million, with an adjusted EBITDA margin of 33%, compared to 39% last year,” he said. 
Meanwhile Petra’s production increased 1% to 3.9 million carats in line with guidance.
Diamonds produced at Cullinan and Williamson exceeded guidance, offset by lower than expected production at Finsch and Koffiefontein. 
Its fiscal year 2020 guidance is about 3.8 million carats, with run-of-mine (ROM) production expected to remain largely flat at 3.75 million carats. 
“Petra continues to focus on value over volume and the majority of ROM production in FY 2020 is anticipated to come from the newly established underground block and sub-level caves, as well as surface production at Williamson,” it said.
Petra said it is expecting the diamond market to remain challenging in the near term.
“The start of the FY 2020 sales season saw continued uncertainty in cutting centres given ongoing unrest in Hong Kong and escalating trade tensions between the US and China,” it said.
The group’s net debt at 30 June 2019 was $564.8 million compared to $520.7 million, a year earlier.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished