September 17, 2018 / 6:38 AM / 3 months ago

Petra Diamonds full-year core profit climbs, CEO to step down

LONDON, Sept 17 (Reuters) - Petra Diamonds reported a 37 percent rise in full-year adjusted core earnings due to a strong performance of its mines and announced its chief executive would step down.

The miner said adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose to $195.4 million from $142 million in the previous year.

But the company slipped into a net loss due to an impairment and a higher depreciation charge as well as higher financing costs.

In July, Petra forecast lower than estimated production for 2019 after reporting 2018 output at the bottom end of its forecast range. (Reporting by Zandi Shabalala, editing by Louise Heavens)

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