Petra Diamonds annual earnings sink 58% as pandemic bites

JOHANNESBURG (Reuters) - Petra Diamonds reported a 58% drop in annual earnings and a 36% drop in revenue on Tuesday, recording a net loss of $223 million as it counted the costs of upheaval in the global diamond market caused by the coronavirus pandemic.

Petra, which operates three diamond mines in South Africa and one in Tanzania, kept production guidance for 2021 on hold.

(Reporting by Helen Reid, editing by Louise Heavens)