The Canadian Press - ONLINE EDITION

Dominion Diamond Q1 profit jumps to $14.7 million on operational improvements

  • Print

TORONTO - Dominion Diamond Corp. (TSX:DDC) says it had nearly $14.7 million of net income, or 17 cents per share, in the first quarter of its 2014-15 financial year.

That's up from $506,160 or four cents per share a year earlier, most of it from its Harry Winston luxury retail business, which was sold last year for US$750 million so that Dominion Diamond could focus on its mining operations.

The Toronto-based company now has an 80 per cent interest in the Ekati diamond mine, purchased from BHP Billiton for US$554 million in cash, including final adjustments. That deal closed in April 2013, the final month of last year's first quarter.

Dominion Diamond also owns a 40 per cent stake in the Diavik mine in a joint venture with Rio Tinto.

Its revenue in the three months ended April 30 was $175.5 million, up from $108.8 million in the first quarter of fiscal 2014.

The company said Wednesday after markets closed that Ekati had stronger production results in the first quarter than were originally expected due to higher than expected ore grades and better diamond recovery rates from processing improvements implemented over the past eight months.

On the Toronto Stock Exchange, Dominion Diamond shares closed down nine cents, or 0.66 per cent, at $13.51 on Wednesday.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Glenn January won't blame offensive line for first loss

View more like this

Photo Store Gallery

  • A  young goose stuffed with bread from  St Vital park passers-by takes a nap in the shade Thursday near lunch  –see Bryksa’s 30 day goose challenge Day 29-June 28, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • May 22, 2012 - 120522  - Westminster United Church photographed Tuesday May 22, 2012 .  John Woods / Winnipeg Free Press

View More Gallery Photos

Poll

Should political leaders be highly visible on the frontlines of flood fights and other natural disasters?

View Results

View Related Story

Ads by Google