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Marco Carniello: We want to continue to be the engine boosting the jewellery industry

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16 august 2021

Lucara incurs Q3 loss as smaller goods impact average price per carat

08 november 2019

lucara_news.pngLucara Diamond has recorded a net loss of $4.0 million for the nine months ended September 30, resulting in a $0.01 loss per share for the quarter.  
This compares to net income of $5.1 million for Q3 2018 and earnings per share of $0.01. 
An increase in operating expenses and depletion and amortization (a non-cash expense) had the most significant impact on the current quarter's results, it said.
Its third quarter revenue totalled $45.3 million or $390 per carat from the sale of 116,200 carats compared with the previous year’s $45.7 million or $450 per carat from the sale of 101,600 carats. 
It said better recoveries in smaller, lower value diamonds resulted in a 14% increase in the number of carats sold. 
“While still profitable, the smaller goods impact the average price per carat sold,” said Lucara. 
The company’s revenue for the nine months ended September 30 was $136.5 million from three tenders and sales through Clara compared to $135.6 million, a year earlier in which three regular stone tenders and one exceptional stone tender were held. 
It said total revenue in 2019 is expected to be at the lower end of guidance, between $170 million and $180 million.
Previous guidance was between $170 million and $200 million.
Total carats recovered and sold is expected to be between 400,000 and 425,000 carats for the year.

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