BUSINESS

Dominion Diamond posts Q2 net loss of $19.1M on restructuring, expenses

09/05/2013 09:09 EDT | Updated 11/05/2013 05:12 EST
TORONTO - Dominion Diamond Corp. (TSX:DDC), formerly Harry Winston, posted a net loss of $19.1 million in the second quarter due to restructuring charges and other expenses, reversing a year-ago profit of $4.6 million.

Consolidated rough diamond sales from its Diavik and Ekati diamond mines in the Northwest Territories were $261.8 million, up from $61.5 million in the same period last year.

Dominion said the loss included $5.4 million in restructuring costs at the company's Belgium office and $10.6 million of expenses relating to the cancellation of the credit facility that had been previously arranged for the acquisition of Ekati.

Excluding such items, the company says its consolidated net profit would have been $11.1 million or 13 cents per share.

Consolidated net loss attributable to shareholders was $16.3 million or 19 cents per share for the quarter, compared with a net profit attributable to shareholders of $4.8 million six per share in the second quarter of the prior year.

Dominion adopted the new name as a result of its return to a pure mining company after it sold its Harry Winston luxury jewelry retail business in the first quarter.