Petra Diamonds (LON:PDL) shares rose slightly on Monday morning, despite, reporting a loss for the first half of the 2017 fiscal year.
The group faced problems with industrial action and was forced to write down the value of its assets in South Africa over the period, leading to a net loss of $117.7 million, compared to a profit of $35.2 million in the first half of its fiscal 2017 year.
Revenue also dropped, to $225.2 million from $228.5 million.
The effect of the strong Rand on the cost base of the assets, as well as ‘continuing operational underperformance’, led to non-cash impairment charges on the carrying value of Koffiefontein and Kimberley Ekapa Mining to the tune of $118.0 million.
Annual revenue expectations remain in line with current forecasts. Petra Diamonds shares are currently trading up 0.36 percent at 68.95 (0847GMT).
