Announcing its interim unaudited results for the six months to 31 December 2016 (H1  FY 2017)  Petra Diamonds Limited reported a revenue jump of 48%   to  US$  228.5 million from the previous year’s revenue of US$ 154.0 million.

Petra’s adjusted EBITDA   for the period amounted to US$ 87.1 million and was 80% higher y-o-y compared to US$ 48.5 million for the  same period of the previous year; while adjusted net profit after tax increased by  348% to US$ 28.2 million as against US$ 6.3 million in

H1 FY 2016. 

Net profit after tax amounted to US$ 35.2 million as against a loss of US$ 2.2 million  in the same period of the  previous year.  The Company announced basic earnings per share of 5.27 US$ cents (H1 FY 2016: basic loss per share of 0.72 US$ cents).

Petra’s net debt  however increased to  US$ 463.6 million -- as on   30 June 2016 it was  US$ 384.8 million; as did its unrestricted cash and bank facilities which at US$ 94.0 million were lower than the 30 June 2016 position of  US$ 146.7 million.

The Company reported that its production increased by  24% to 2,015,087 carats  as against 1,629,403 carats in H1 FY 2016.

Johan Dippenaar, CEO of Petra, commented: "Petra has achieved strong operational and financial results for H1 FY 2017, owing to the increased contribution of undiluted ore and continued stabilisation in market conditions.”

He added: “We are now reaching an exciting inflection point in the Company's development and are on track to start benefitting from a declining Capex profile, a significant increase in ROM grades and product mix, and the associated improvement in margins and cashflow.”