Petra Diamonds increases profits, production

South African miner Petra Diamonds (LSE:PDL) announced Monday an increase in its profits and production during 2012 plus expectations of a steady market for the coming year.

The company's revenue rose 63% year on year to $151.7 million during the first half of 2012, while profit from mining activity rose 26% to $41.2 million. Production rose 31% to 1.247 million carats.

Petra expects the rough diamond market to remain stable in the second half of this year as a result of its confirmed first tender, which was $62.1 million on the sale of 401,159 carats.

It forecasts sales to be substantially higher in the second half of 2013 as it will increase its tenders from three to five.

Hat tip, Rapaport

Image courtesy Petra Diamonds