Petra Half-Year Revenues Skyrocket 286% to $31.7 Million
March 01, 08
Petra Diamonds’ half-year revenues soared 286 percent to $31.7 million for the six months ended December 31. Half-year revenues for 2006 were $8.2 million. The substantial revenue jump is a result of Kofiefontein sales coming on stream in July 2007, which were supported by strong diamond prices at the fissure mines. 
A total of 115,918 carats were sold in the period, a 79 percent increase over the previous year period, in which production totaled 64,940 carats. The average price per carat sold was $408.
Petra also sold two notable diamonds for more than $1 million each during the period – a 74.7 carat stone in September for $1.012 million (extracted at Kofiefontein) and a 99.43 carat diamond in December for $1.305 million (produced at Sedibeng).
Production totaled 101,213 carats for the period, a 17 percent increase year-over-year.
Petra’s Chairman, Adonis Pouroulis, said, “This has been a very significant period for the company, with Kofiefontein now adding substantially to revenue, and the acquisition of both the Cullinan and Kimberley Underground mines. Given the scarcity of economic kimberlite diamond deposits worldwide, Petra’s strategy has been to acquire existing diamond mines with the potential for long life operations to balance its exploration portfolio.”