Diamond Fields International Ltd. has released the following summary of its interim consolidated financial statements for the six months ended Dec. 31, 2004. All dollar figures are reported in United States currency unless stated otherwise. All revenue for the six months ended Dec. 31, 2004, resulted from the sale of diamonds held in inventory or recovered during operations. A total of 26,250 carats were sold at an average price of approximately $205 per carat, generating revenue of $5,391,621. Comparatively, the company sold 5,728 carats in the same period during 2003 at an average price of $143 per carat, generating revenue of $789,930. Production, royalty and selling expenses associated with the sale of inventory totalled $2,490,067, whereas, these operating costs for the same period in 2003 were $500,539. The company generated an operating margin of $2,901,554 for the six months ended Dec. 31, 2004, compared with $289,391 for the same period in 2003.
Net earnings for the six months ended Dec. 31, 2004, totalled $362,172 or nil per share, compared with a net loss of $1,069,300 or two cents per share in 2003. The increase in earnings was primarily due to the company’s joint operations with Samicor Mining Services (Pty.) Ltd. in mining Diamond Fields ML111 marine diamond concession off the coast of Luderitz, Namibia.
The following table sets forth selected financial information for the six months ended Dec. 31, 2004, and 2003:
FINANCIAL HIGHLIGHTS
Six months ended Dec. 31
2004 2003
Total
revenues 5,391,621 789,930
Total
operating
costs 2,490,067 500,539
General and
administrative
expenses 1,759,626 1,547,442
Other income
(expense) (798,524) 176,254
Net earnings
(loss) 362,172 (1,069,300)
Net earnings
(loss)
per share
(basic and
diluted) 0.00 (0.02)
