RAPAPORT… Diamcor saw a significant sales jump in the third fiscal quarter as
production increased at its mine in South Africa.
Revenue surged 76% to $1.4 million in the three months
ending December 31 2018, compared to $864,546 in the same period in 2017, the miner
reported Friday. The company recorded a net loss of CAD 861,883 ($648,222) — down from a deficit of CAD 1.1 million ($825,364) a year earlier — after lowering the cost of its operating activities.
Those improvements came despite a 2.5% drop in the average selling price for rough from Diamcor’s
Krone-Endora at Venetia mine. The diamonds sold for an average of $194 per carat, versus $199 per carat
the year before.
Revenue for the first nine months of the year fell 40% to
CAD 3.1 million ($2.3 million), while the net loss for that period remained flat.
Image: Rough diamonds. (Diamcor Mining)
Diamcor Sales Rise, Loss Drops in 3Q
The Bottom Line
- Diamcor's Q3 revenue increased 76% to $1.4 million compared to the same period in 2017.
- Net loss decreased to CAD 861,883 ($648,222) from CAD 1.1 million ($825,364) a year earlier due to reduced operating costs.
- Average selling price for rough diamonds fell 2.5% to $194 per carat despite higher production.
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