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Gem Diamonds profit sinks as costs soar

By BFN News | 02:04 PM | Wednesday 14 March, 2018

Gem Diamonds booked a 76% fall in annual profit after costs ballooned. Pre-tax profit fell to $30.3m from $124.1m in 2017, even as revenue rose. The company is in the midst of a transformation program that delivered $20m in cost savings by the end of the year. Further improvements were expected, with management setting a cumulative savings target of $100.0 million by the end of 2021, the company said. Gem Diamonds did not pay a final dividend. At 2:04pm: (LON:GEMD) Gem Diamonds Ltd share price was +3.6p at 96.6p Story provided by

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