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Lucapa Swings to Profit for June Half 2019

publish:2019-10-10

Releasing its Interim Financial Report for the six months ended 30 June 2019 (June half) today, Lucapa Diamond Company Limited said that the Company had “delivered on key development and operational goals at the Mothae and Lulo diamond mines” during the period.

As a result, the Group was able to report a consolidated net profit after tax of US$ 1.1 million (A$ 1.6 million), as compared to a loss of US$ 4.3 million (A$ 6.4 million) for the same period of the previous year.

“This result was achieved during a challenging period for many diamond miners globally, particularly those producing primarily lower-value goods,” Lucapa noted. “The June half result has put Lucapa on track for a stronger performance in the second half of 2019 (H2) as mining at Mothae transitions to higher-margin diamond zones and the production expansion at Lulo is delivered.”

The Company reported the production of a total of 20,504 carats of diamonds with Lulo (40% associate) at 7,236 cts and Mothae (70% subsidiary) at 13,267 cts; and total diamond sales amounting to US$ 29.4 million (Lulo (40% associate): US$ 22.1 million; Mothae (70% subsidiary): US$ 7.3 million). Lucapa held closing inventories of a total of 7,001 carats (Lulo (40% associate): 3,147 cts; Mothae (70% subsidiary):  3,855 cts).
 
Source: GJEPC

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