Emerald miner Gemfields first-half core earnings fall

March 3 Mon Mar 3, 2014 2:42am EST

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March 3 (Reuters) - Precious stones miner Gemfields Plc's core earnings for the first half fell about 8 percent hurt by higher production costs.

Core earnings or earnings before interest, tax, depreciation and amortization (EBITDA) for the six months ended Dec. 31 fell to $18 million from $19.5 million a year earlier.

However, the company, which produces about a fifth of the world's rough emeralds, said revenue soared 137 percent to $65.7 million boosted by strong demand at its auctions.

Gemfields said unit production costs rose to $0.85 per carat from $0.57 per carat a year earlier.