Dominion Diamond’s sales up 8% in Q4

Dominion Diamond Corporation, previously known as Harry Winston Diamond Corporation, the fiscal year 2012 recorded an increase in profits and revenues. Consolidated sales rose 19 percent to $345.4 million( the same was $290.1 million in the previous year). Volume of rough diamonds sold rose 49 percent, but prices fell 20 percent. The year generated profit worth $35.2 million after a ‎38 percent increase. Operating profit from the mining division was up 32 percent to $22.8 million and from the retail division it rose 58 percent to $12.4 ‎million with sales up 6 percent to $435.8 million, reports say.

Sales from its mining operations in the fourth quarter ending January 31, 2013, rose 8 percent (on y-o-y basis) to ‎‎$110.1 million, while company profit slipped 10 percent to $14.8 million. Operating profit from the mining division dropped 5 percent to $12 million and retail profit dipped 28 percent to $2.8 million.‎ The company saw a rise in diamond sales, which it attributed to the 11 percent increase in rough diamond prices and an ‎improved sales mix. The sale was partially offset by a 3 percent decrease in the volume of diamonds sold.

The company reported that it held 500,000 carats of rough diamonds in inventory, ‎estimated at $65 million as of January 31, of which approximately $25 million worth of goods were available for ‎sale and the remaining $40 million are currently being sorted.‎