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Market NewsNewsPetra reports rise in FY earnings, CEO to step down

Petra reports rise in FY earnings, CEO to step down

Petra Diamonds reported a 37 percent rise in full-year adjusted core earnings due to a rise in production at its continuing mines and said its chief executive would step down, Reuters reported.

The London-listed miner said on Monday adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose to $195.4 million from $142 million in the previous year, the Reuters report said.

Petra was forced to raised $170 million from investors in June as a stronger South African rand, operational delays and a confiscation of diamonds in Tanzania left it strapped for cash and in crippling debt, said the Reuters report.

Outgoing chief executive Johan Dippenaar has been at the helm since 2005 since Petra merged with Crown Diamonds, and has overseen a rapid, capital-intensive growth phase, the report said.

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