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Petra Diamonds reports: H1 revenue drop to $212.1 million

Petra Diamonds, the South African diamond mining company, has announced a 20% drop in revenue for H1 FY 2023 to $212.1 million. This comprises revenue from rough diamond sales of $210.7 million and additional revenue from profit share agreements of $1.4 million. The company also reported a net loss of $17.6 million, compared to a net profit of $49.1 million in H1 FY 2022.

However, the company expects the diamond market to support prices, with luxury goods demand remaining robust in the US, and the end of lockdown restrictions in China benefiting diamond pricing in the near to medium term. The company is on track to meet recent production guidance and its cost guidance remains largely unchanged. The recently approved C-Cut extension at the Cullinan Mine is set to deliver a total of 2.3 million additional carats from FY 2025 through to FY 2033.

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