Market NewsCommentPetra posts its first profits

Petra posts its first profits

Petra Diamonds reported its first profits following the successful development from an exploration company into a diamond producer and exploration group. Net profit for the six months ended December 31, 2007 totalled $8.2 million, from a $9.5 million loss in the previous year period. Revenue totalled $32.1 million, from $8.2 million in the corresponding period last year. The sharp revenue growth was primarily driven by Koffiefontein sales and strong prices for rough. Over the past 14 months, Petra acquired several of De Beers’ diamond mines in South Africa, including Cullinan, Koffiefontein and Kimberley Underground mines. In a statement, Petra’s chairman Adonis Pouroulis said Group production is expected to rise to well over 1 million carats per annum by 2010, against a previous management target of 500,000 carats for the same period.

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