Market NewsNewsPetra posts higher FY revenue, cuts debt

Petra posts higher FY revenue, cuts debt

Petra Diamonds reported a 21% increase in full-year revenue on higher diamond prices and production on Monday, while a tight leash on costs helped the miner cut its debt pile by 15%, Business Day reported.

Petra has taken measures to keep its debt in check after years of heavy spending, but the effect of a confiscated consignment in Tanzania and the recent strengthening of the rand has hurt its business, said the Business Day report.

Total production rose 15% to 4.6-million carats, helped by the ramp-up of its new Cullinan plant in SA, the Business Day report said.

Read more here