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Asian demand helps Harry Winston grow revenues 88%

Harry Winston Diamond Corp (HW.TO: Quote) 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 (RIO.L: Quote).Shares of Harry Winston closed up 1.19 percent at C$14.50 on Thursday on the Toronto Stock Exchange.

3 Monday January 2011  8:34

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