Gemfields reports record 12-month auction revenue
Gemfields has reported record auction revenue of $330.3-million for the 12 months ended June 30.
In a report on the companyβs operating results and financial position for the period, released on July 27, Gemfields also reported $181.2-million in total auction revenues for the six months ended June 30, with all three auctions held in the period breaking previous records, the company said.
At the end of the period, the companyβs cash balance was $111.4-million, which excluded auction receivables of a further $81.1-million, while its gross debt balance was at $29.7-million.
The figures were produced on a monthly basis for Gemfieldsβ 75%-owned Kagem emerald mine, in Zambia; its 75%-owned Montepuez ruby mine, in Mozambique; and Gemfieldsβ wholly-owned iconic luxury brand FabergΓ©.
FabergΓ© reported a zero cash draw from Gemfields in the six months to June 30. However, for the whole year ending June 30, FabergΓ©βs cash draw was $1.5-million.
Overall, Gemfields reported a cash capital expenditure for the six months ending June 30 of $14.1-million.
The company will publish its results for the six months ended June 30 on September 22.
