Petra expects full-year revenue of about $430m

Johannesburg - Petra Diamonds forecast full-year revenue below market expectations as it fetches less for the smaller diamonds being mined from late stage ores at its Finsch and Cullinan mines in South Africa.

The company, which expects full-year revenue of about $430m, said it had seen fewer high quality stones, but kept its production target of about 3.2 million carats for the year.

Analysts on an average had expected revenue of $457.75m for the full year ended June 30, according to Thomson Reuters I/B/E/S.

Petra Diamonds, which has four producing mines in South Africa and one in Tanzania, had warned in April that full-year results would be below market consensus due to variability in grade and production mix.