September 16, 2019 / 6:29 AM / a month ago

Petra Diamonds posts 22% drop in annual profit

Sept 16 (Reuters) - Petra Diamonds reported a 22% fall in annual profit on Monday as the precious metals miner grappled with a weak diamond market, and the company also said its non-executive chairman plans to step down.

The miner, which has been fixing its balance sheet following years of pouring millions of dollars to revive its flagship Cullinan mine, said its net debt adjusted for diamond debtors stood at $541 million as of June 30.

Adjusted core profit fell to $153.0 million in the year ended June 30 from $195.4 million a year earlier. It reported a net loss after tax of $258.1 million, including a non-cash impairment charge of $246.6 million due to weak rough diamond prices.

Non-Executive Chairman Adonis Pouroulis intends to step down from the board by the end of the third quarter 2020, once a successor has been identified and appointed, the miner said. (Reporting by Yadarisa Shabong in Bengaluru Editing by Saumyadeb Chakrabarty)

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