The main market-listed firm reported 4% decline in like-for-like prices in the past three months, the first quarter of its financial year, in comparison to the preceding quarter.
Revenues of US$61.6mln for the first quarter were down 23% year-on-year, from over 600,000 carats sold, while production was up 1% to 1mln carats.
House broker Peel Hunt said the uptick in prices may be due to the efforts by diamond giants De Beers and Alrosa to limit output and sales into the midstream.
Net debt was US$592.8mln at the end of a quarter with only one tender, up from $564.8mln at the end of June.
Adjusting the net debt for the building of inventory “suggests the group is free cash flow neutral, even in this low diamond price environment,” said Peel Hunt.
Analysts at Liberum see a better second quarter for Petra, although the company is expected to remain under pressure if the diamond market does not make a turnaround.