Petra Diamonds Ltd shares fell on Thursday as it posted weaker revenue for its third quarter, but said it remains on track with its full-year production guidance.
The South Africa and Tanzania-focused diamond miner said revenue for the three months ended March 31 fell 13% to $41.6 million from $47.7 million a year prior. On-quarter, revenue was down 61% from $105.9 million.
Petra sold 558,651 carats in its third quarter, up 45% from 386,444 carats a year earlier. On-quarter, carats sold fell from 1.1 million.
Petra shares were down 5.1% at 20.60 pence around midday in London on Thursday.
Total diamonds production was up 4.4% to 609,795 carats from 584,260 carats a year earlier. On-quarter, it fell from 632,444, however.
Petra Diamonds also reported an increase in its consolidated net debt, rising 15% to $258 million from $225 million at December 31, owing to ‘working capital requirements’.
The firm added that it remains on track to deliver its production guidance for the full-year of 2.4 to 2.7 million carats for its South Africa operations.
Interim Joint Chief Executives Vivek Gadodia and Juan Kemp commented: ‘Alongside the broader diamond sector, Petra has been navigating a very difficult diamond market. Despite this, Petra has shown considerable resilience by delivering on its production and cost targets, while undergoing unprecedented changes in the business, including the regrettable loss of jobs. We fully appreciate all the sacrifices, commitment, and hard work of our employees.
‘We believe the steps we have taken over the past 12 months position Petra well for a successful refinancing. We will now look to commence engagements with our lenders on the refinancing of our debt maturing in early 2026.’
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