Aber Q3 profits slip 44% to $18.8 MN

Aber Diamond Corp., which owns a 40 per cent stake in the Diavik diamond mine and recently acquired Harry Winston, said its third quarter profits dropped by 44 per cent to $18.8 million compared with $33.7 million, a year ago, mainly due to costs related to the jeweller’s acquisition.

The company’s sales fell 5 per cent to $145.2 million, consisting of rough diamond sales of $90.8 million, down 19 per cent, and sales from Harry Winston of $54.4 million, up 32 per cent. Aber said that increased retail sales from Harry Winston helped to offset the reduced number of rough diamond sales held in the quarter, two this time versus three a year ago.

Production at the Diavik diamond mine increased by 27 per cent to 2.8 million carats compared to 2.2 million carats a year earlier. Aber’s share of the production was 1.13 million carats.