Petra Diamonds today reported a 21% increase in full-year revenue on higher diamond prices and production, while a tight leash on costs helped the miner cut its debt pile by 15%.
Petra has taken measures to keep its debt on check after years of heavy spending.
But the impact of a confiscated consignment in Tanzania and the recent strengthening of the South African rand has hurt its business.
Total production rose 15% to 4.6 million carats, helped by the ongoing ramp-up of its new Cullinan plant in South Africa.
Petra, which operates four mines in South Africa and one in Tanzania, said production at Cullinan alone jumped 74% to 1.4 million carats.
Net debt fell to $436.1m as of June 30 from $513.9m at the same time last year, while operating costs remained in line with its expectations during the year, Petra said.
The company said it saw a 2% rise in rough diamond prices on a like-for-like basis during the year, adding that it expects the diamond market to remain healthy.
Revenue rose to $576.4m for the 12 months to June 30 from $477m a year earlier.
Petra said today there was no update regarding its confiscated diamond parcel in Tanzania.
The Tanzania government confiscated a consignment of diamonds from a mine majority-owned by Petra in August last year after accusing the firm of under-declaring the value of the stones by about half.
Petra has denied the charge.
