June 4, 2008 / 12:17 PM / in 10 years

Harry Winston profit up on higher diamond prices

TORONTO (Reuters) - Harry Winston Diamond Corp HW.TO HWD.N recorded a higher quarterly profit on Wednesday, helped by higher diamond prices, and said it was on track to meet its objective of increasing retail sales by more than 15 percent.

Net earnings were $21.3 million, or 35 cents a share, in the three months ended April 30, up from $3.3 million, or 6 cents per share, in the same quarter last year.

The Toronto-based company said revenue was $156.1 million, up 10.3 percent from $141.4 million, helped by higher diamond prices.

Earnings from its mining segment climbed 13 percent to $42 million. The company supplies rough diamonds from its 40 percent ownership interest in the Diavik Diamond Mine, located in Canada’s Northwest Territories.

In its retail operations, Harry Winston said earnings rose 27 percent to $74.4 million, and it said it expected to meet its objective of increasing retail sales by more than 15 percent.

The company declared a quarterly dividend of 5 cents per share.

Reporting by John McCrank; Editing by Scott Anderson

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