TORONTO, Dec 9 (Reuters) - Harry Winston Diamond Corp shifted to a profit on Thursday as demand in Asia continued to propel rough diamond sales and new stores boosted retail earnings.
For the third quarter ended Oct. 31, Harry Winston earned $3.9 million, or 5 cents a share, up from a loss of $0.2 million, or nil per share, in the year-ago quarter. Profits were hit by a foreign exchange loss of $3 million.
Analysts has estimated, on average, earnings of $9 million, or 9 cents per share.
The Canadian diamond miner and retailer said net revenue climbed 88 percent to $140.9 million from $74.8 million.
Rough diamond sales soared 192 percent to $60.7 million, from $20.8 million.
Rough diamond prices for the quarter rose 20 percent, but the company only achieved a 4 percent price increase due to a change in the ore mix.
Retail sales increased 48 percent to $80.2 million.
Production at the Diavik diamond mine for the quarter was 0.71 million carats, up 115 percent from the year before.
Harry Winston holds a 40 percent stake in Diavik. The majority owner of the mine in Canada's Northwest Territories is mining giant Rio Tinto.
Shares of Harry Winston closed up 1.19 percent at C$14.50 on Thursday on the Toronto Stock Exchange.
($1=$1.01 Canadian)
(Reporting by Julie Gordon; editing by Rob Wilson) Keywords: HARRYWINSTON/ (julie.gordon@thomsonreuters.com; +1 416 941 8136; Reuters Messaging: julie.gordon.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
For the third quarter ended Oct. 31, Harry Winston earned $3.9 million, or 5 cents a share, up from a loss of $0.2 million, or nil per share, in the year-ago quarter. Profits were hit by a foreign exchange loss of $3 million.
Analysts has estimated, on average, earnings of $9 million, or 9 cents per share.
The Canadian diamond miner and retailer said net revenue climbed 88 percent to $140.9 million from $74.8 million.
Rough diamond sales soared 192 percent to $60.7 million, from $20.8 million.
Rough diamond prices for the quarter rose 20 percent, but the company only achieved a 4 percent price increase due to a change in the ore mix.
Retail sales increased 48 percent to $80.2 million.
Production at the Diavik diamond mine for the quarter was 0.71 million carats, up 115 percent from the year before.
Harry Winston holds a 40 percent stake in Diavik. The majority owner of the mine in Canada's Northwest Territories is mining giant Rio Tinto.
Shares of Harry Winston closed up 1.19 percent at C$14.50 on Thursday on the Toronto Stock Exchange.
($1=$1.01 Canadian)
(Reporting by Julie Gordon; editing by Rob Wilson) Keywords: HARRYWINSTON/ (julie.gordon@thomsonreuters.com; +1 416 941 8136; Reuters Messaging: julie.gordon.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.