Rough pricing returned to pre-Covid-19 levels!
Petra revenue down 8% in H1 2020 Petra Diamonds Limited presented its’ Interim results for the six months to 31 December 2020 as H1, 2020. At Financial front Petra said, Revenue down 8% to US$178.1 million from 1,712,797 carats sold (H1 FY 2020: US$193.9 million from 1,743,807 carats sold) with the US$40.4 million proceeds from the Letlapa Tala Collection of blue diamonds, offset by weaker prices following the Covid-19 outbreak and fewer tenders during the Period. Diamond pricing on a like-for-like basis increased by a further 8% at the Company's January 2021 tender that is confirming that pricing has now returned to pre-Covid-19 levels. Adjusted EBITDA3 up 20% to US$80.8 million (H1 FY 2020: US$67.2 million) yielding an adjusted EBITDA margin of 45%, up from 35% in H1 FY 2020 and 22% in FY 2020; driven by the sale of the Letlapa Tala Collection and reduced mining and processing costs. By casting their Outlook, Petra said, due to the ongoing uncertainty around the impa...