Rockwell Revenues +43%
May 31, 11
(IDEX Online News) - Rockwell Diamonds posted a loss of $5.3 million for the fiscal year ending February 28, 2011. The decreased loss comes as revenues increased by 43% to $43.5 million.
Part of Rockwell’s improved revenues is attributed to rising rough diamond prices in the global market. The miner’s average price grew by 35% to $1,365 p/c.
The volume of sales edged up by 2% to 27,017 carats, reflecting only part of the company’s 5% production increase to 26,165 carats during the fiscal year.
Revenue growth of 58% to $11.8 million in the fourth quarter was supported by the continued improvement in diamond prices.