Petra Diamonds Reports 24% Q4 Revenue Drop to $38 Million as Debt Climbs to $322 Million
Updated
Updated · Rapaport · Jul 29
Petra Diamonds Reports 24% Q4 Revenue Drop to $38 Million as Debt Climbs to $322 Million
1 articles · Updated · Rapaport · Jul 29
Summary
$38 million in fourth-quarter revenue marked a 24% year-on-year drop and a 44% slide from the prior quarter, when Petra sold a 41.82-carat blue diamond.
547,220 carats sold and an average price of $69 per carat reflected weaker conditions, with sales volume down 20% and pricing off 5% from a year earlier.
484,730 carats of output — down 22% year on year — followed Petra's suspension of production at South Africa's Finsch mine, which is in business rescue amid weak demand for small stones.
$322 million of debt at June 30, up from $298 million three months earlier, was driven largely by Finsch losses, while management said cash remains tight and gave no fiscal 2027 guidance.
$206 million in full-year revenue was flat despite lower volumes, as Petra shifted toward higher-value ore from Cullinan's C-Cut region to lift its average price to $90 per carat.