March 18, 2014 / 7:25 AM / 4 years ago

Gem Diamonds underlying core earnings rise

March 18 (Reuters) - Gem Diamonds Ltd’s full-year underlying core earnings rose 18 percent benefiting from higher diamond prices in 2013.

The company, which owns the Leteng mine in Lesotho and is developing the Ghaghoo mine in Botswana, said operations in 2014 had begun well and that it expected to bring Ghaghoo into production in the second half of the year.

Underlying core earnings or earnings before interest, tax, depreciation and amortisation (EBITDA) increased to $77 million for the year ended Dec. 31 from $66 million a year earlier. Revenue grew 5 percent to $213 million.

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