Diamond Fields Intl FY08 Net Loss Narrows
October 02, 08Diamond Fields International’s (DFI) net loss for the year ended June 30, 2008, dropped 19.5 percent to $4.093 million from $5.083 million the year before helped by higher sales, the diamond mining company said on Thursday.
Sales rose 33 percent to $3.328 million from $2.503 million, but revenue was slightly offset by a foreign exchange loss and interest expenses resulting from a globally weaker U.S. dollar.
The company’s quarterly net loss shrank slightly to $1.426 million from $1.555 a year earlier though total revenues for the quarter were slightly lower at $1.309 million from $1.347 million.
Though sales were solely attributed to DFI’s marine operations off the coast of
Annual diamond production for the year yielded 21,235 carats, of which a total of 20,298 carats were sold during the financial year at an average price of $242.15 per carat. Of this production, the revenue from 20,246 carats was attributable to the company’s Namibian joint venture with Bonaparte, an Australian listed marine diamond company.
The average stone size for 2008 dropped to 0.39 carats/stone from 0.44 carats/stone in 2007.
DFI, a Toronto-traded marine diamond producer, has a portfolio of mineral exploration worldwide with a primary focus on diamond exploration in