Petra Profit from mining activities up by 33%

Petra Diamonds Limited announces its preliminary results (unaudited) for the year ended 30 June 2018. According to the result report, Revenue remained up by 25% to US$495.3 million over the FY 2017 of US$394.8 million. Profit from mining activities gone up by 33% to US$205.1 million over the previous FY 2017 of US$153.9 million. Previously Petra had reported Koffiefontein impairment charge of US$66 million.

Total loss on discontinued operations relating to KEM JV shoot up to US$104.3 million against US$52.0 million impairment passed in H1 FY 2018, further impairments of US$40.7 million in H2 FY 2018, and a trading loss of US$11.6 million for the Year. Net loss after tax of US$203.1 million over the FY 2017 net profit after tax: US$20.7 million, including KEM JV.

Adjusted operating cashflow13 up 7% to US$157.0 million against FY 2017: US$147.0 million, despite the negative impact of the blocked Williamson parcel and overdue VAT receivables in Tanzania. Net debt reduced to US$445.7 million. Depreciation increased to US$128.0 million over the previous FY 2017: US$63.3 million due to the commissioning of new infrastructure, coupled with accelerated depreciation of US$25.2 million relating to old mining areas at Cullinan and Finsch and the old Cullinan plant.