Tuesday, diamond mining and exploration company Firestone Diamonds Plc (FDI.L) posted a first-half loss over last year's profit, hurt by one-time impairment charges related to mineral rights.
Loss before tax for the six-month period was £1.3 million, compared to profit of £2.8 million in the prior year same period. Loss attributable to equity shareholders was £1.1 million or 1.8 pence per share, compared to loss of £2.4 million or 3.8 pence per share last year.
Firestone's half-yearly results were negatively impacted by £2.59 million impairment charges related to its South African Alluvial assets.
Revenue for the first-half climbed 92% to £3.7 million from £1.9 million last year, primarily due to De Beers' early termination fee attached to the joint venture at Bonte Koe Mine.
The group said that its board of directors would not recommend a dividend for the period.
Currently, the stock is up 11.10 pence, trading at 25.60 pence on the London Stock Exchange.
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