Harry Winston posts profit on robust diamond sales

Thu Dec 6, 2012 6:19pm EST
 
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Dec 6 (Reuters) - Luxury jeweler and watchmaker Harry Winston Diamond Corp posted a profit as it sold more smaller-size diamonds but cut its full-year diamond production target as it defers the reprocessing of rejects to focus on higher-value carats.

The company, which owns 40 percent of the Diavik diamond mine in Canada's Northwest Territories, cut its full-year production target to about 7.1 million carats from about 8 million. Rio Tinto Plc owns the rest of the mine and operates it.

Harry Winston posted net income of $3.4 million, or 4 cents per share, for August-October, compared with a loss of $4.7 million, or 6 cents per share, a year earlier.

The company, which also owns retail salons around the world, said sales rose 51 percent to $180.4 million. Sales from the company's mining segment, which mines and sells rough diamonds, jumped 134 percent to $84.8 million.

Harry Winston's shares closed at C$14.27 on the Toronto Stock Exchange on Thursday.