Petra Diamonds Reports 6% Drop in FY Revenue

By IDEX Online Staff Reporter / September 16, 2019 / www.idexonline.com / Article Link

(IDEX Online) - Petra Diamonds today announced a 6-percent drop in its full year revenue to $463.6 million (FY 2018: $495.3 million). Diamond prices also dropped 5 percent.

The company reported a net after-tax loss of $258.1 million compared to a net loss of $203.1 million in 2018.

Production was up marginally over 2018 at 3.87 Mcts compared to 3.84 Mcts. Petra reported production of 705 Kcts for July and August.

The company also announced the results of its September tender, which generated sales of $61.6 million. Prices were down about 4 percent on a like-for-like basis compared with Q4 FY 2019, reflecting weaker market conditions. Demand, however, remained solid across all assortments although weaker for larger white stones.

Petra said it expects the diamond market to remain challenging in the near-term. 

The company also said it was on track to achieve FY 2020 production guidance of ca. 3.8 Mcts.

Recent News

Gold stocks reach new highs on metal price gain

August 25, 2025 / www.canadianminingreport.com

Rise in gold stocks propels TSXV Mining

August 25, 2025 / www.canadianminingreport.com

Market sees gold sector nearing full value overall after target upgrades

August 18, 2025 / www.canadianminingreport.com

Gold stocks gain even as metal pulls back

August 18, 2025 / www.canadianminingreport.com

Gold stocks rocket to new highs, valuations no longer inexpensive

August 11, 2025 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok