By Christian Moess Laursen
Gemfields Group said it expects to report that profit and revenue fell in the first half of the year, but sees robust demand for gemstones.
The miner and marketer of colored gemstones company said Thursday that it expects to post net profit after tax of $18.1 million for the half-year, a steep fall from $56.7 million a year earlier, on the back of an expected decline in revenue from its key operating assets to $145.0 million from $180.8 million.
However, the company said it has seen robust demand for colored gemstones, illustrated by June’s higher-quality emerald auction setting a new record for any auction from the Kagem mine in Zambia, it said.
Headline earning per share is expected to be 0.8 cents, down from 3.7 cents a year prior, while on an adjusted basis, earnings per share is expected at 1.9 cents, compared with 4.1 cents.
Revenue from its Faberge division also fell to $8.4 million from $9.5 million due a softer luxury market, the company said.
Gemfields will publish its full interim results on Sep. 22.
Write to Christian Moess Laursen at [email protected]
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