Petra Diamonds swings deep into the red; to replace CEO
Source - SMW
Petra Diamonds said it was replacing its chief executive after asset write-downs and higher finance costs drove it to a full-year loss.
Net losses for the year through June amounted to $203.1m, swinging from a profit of $20.7m on-year.
A process to find a new CEO to had commenced, the company said.
'In line with the company's development from a phase of intensive capital expenditure and expansion to a focus on steady state operations, Johan Dippenaar will be stepping down from the role when an appointment has been made,' Petra Diamonds said.
Revenue rose 25% to $495.3m, while adjusted Ebtida rose 37% to $195.4m.
'The 2018 financial year yielded good operational results, the highest on record to date, in spite of the challenges experienced in the 2017 financila year and the 2018 first half,' Dippenaar said.
'Learning from past challenges, the group's focus is to regain investor confidence by the continued optimisation of operations, thereby delivering consistent production output with efficient operating and capital expenditure.'
'Petra remains on track to generate free cash flow, enabling the company to achieve a reduction in leverage to its target of two times or less consolidated net debt to consolidated Ebitda by the end of the 2020 financial year.
At 2:57pm: (LON:PDL) Petra Diamonds Ltd share price was +2.25p at 38.93p