Business
FY 2018 Trading Update and FY 2019 Guidance Update
FY 2018 Trading Update and FY 2019 Guidance Update.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n \nRNS Number : 4027V Petra Diamonds Limited 23 July 2018 \n\n \n \n \n \n\n\n\n23 July 2018\n\n\n LSE: PDL\n\n\n\n \nPetra Diamonds Limited\n(\"Petra\" or the \"Company\" or the \"Group\")\n \nFY 2018 Trading Update and FY 2019 Guidance Update\n \n \nPetra Diamonds Limited announces its Trading Update (unaudited) for the year ended 30 June 2018 (the \"Year\" or \"FY 2018\"), ahead of its preliminary results for the Year (\"Prelim Results\"), which will be released on 17 September 2018. \n \nThe Company also announces updated analyst guidance for the year to 30 June 2019 (\"FY 2019\").\n \nFurther to the announcement on 5 July 2018 that the Company and its black economic empowerment (\"BEE\") partners have entered into binding Heads of Agreement to dispose of their interest in the Kimberley Ekapa Mining Joint Venture (\"KEM JV\"), results and guidance have been disclosed both with and without the inclusion of this business unit; the divestment is expected to complete before the end of September 2018.\n \n \nFY 2018 HIGHLIGHTS\n· Safety:\no Lost Time Injury Frequency Rate (\"LTIFR\") improved to 0.23 (FY 2017: 0.27).\n· Production:\no Production up 15% to 4.6 Mcts (FY 2017: 4.0 Mcts), in line with guidance of 4.6 to 4.7 Mcts. \no Adjusted for the sale of KEM JV: production up 19% to 3.8 Mcts (FY 2017: 3.2 Mcts).\n· Revenue:\no Revenue up 21% to US$576.4 million (FY 2017: US$477.0 million).\no Adjusted for the sale of KEM JV: revenue up 25% to US$494.6 million (FY 2017: US$394.8 million).\n· The diamond market remained stable throughout FY 2018, with rough diamond prices on a like for like basis up ca. 2% for the Year, compared to FY 2017. \n· Total FY 2018 Group absolute operating costs remained in-line with expectations despite inflationary pressures and additional costs incurred at KEM JV in relation to security and other measures associated with illegal mining activities (as noted in Petra's FY 2018 Interim Results). However, the strengthening of the Rand during the Year had a negative impact on US Dollar reported operating costs.\n· FY 2018 unit cost per tonne has been adversely affe...