February 19, 2018 / 7:31 AM / 3 months ago

Petra Diamonds' first-half core earnings fall 8 pct

Feb 19 (Reuters) - Petra Diamonds Ltd said core earnings fell 8 percent in the first half of the year, hurt mainly by a strike at its South Africa operations and the blocking of a consignment of diamonds in Tanzania.

The company’s adjusted earnings before interest, tax, depreciation and amortization fell to $80.1 million in the six months ended Dec. 31, from $87.1 million a year ago.

Petra, which issued a profit warning and cut its production forecast for the year last month, said output rose 9.6 percent to 2.2 million carats in the first half, while carats sold fell 5.2 percent to 1.8 million due to the blocked diamond parcel not being sold. (Reporting by Arathy S Nair in Bengaluru; Editing by Sunil Nair)

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