Petra Diamonds reported Tuesday that it had net profits of $8.8 million in the first half of fiscal 2008, as a surge in production and higher sales prices helped move the company out of the red. One year ago Petra reported a net loss of $3.2 million.

Revenues almost tripled to $32.1 million in the six months ending December 31, 2007. Petra's Koffiefontein mine accounted for $19.2 million worth of sales, and its fissure Sedibeng operation generated $12.5 million in revenue. Total group production rose 17 percent to 101,213 carats.

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