Tanzanite One earns 267% rise in net profits

Tanzanite One has released results of its sales and profit figures for the year ending December 2007. The company is the largest producer of tanzanite, which is found at the foothills of Mount Kilimanjaro. Tanzanite One has in the past year increased its production levels and this has culminated into an 18% increase in revenue to $42.6 million.

The production has in the past one year increased by 38% to amount to 1.7 million carats of tanzanite, on year-on-year basis, following adaptations to new mining techniques by the company. Also cash cost figure which valued at $3.39 per carat, lowered by 24%.

Net profits increased by a whooping 267% to $6.6 million, following a 10% increase in rough tanzanite prices for the said period. The rise in prices substituted the lower sales of 'A' quality tanzanite during the year, which fell by 45% in value and contributed to only 11% of sales by value as compared to 2006 where 'A' quality sales represented 20% of sales by value.