Harry Winston Diamond Corp. credits high prices for rough diamonds and increased sales of jewelry and timepieces for a big increase in first-quarter revenue and profits.
The Toronto-based diamond miner and jewelry retailer said net earnings in its fiscal 2012 first quarter ended April 30 were $3.6-million (U.S.) or four cents per share.
That was up from $2.9-million or three cents per share in the comparable 2011 period, said the company, which reports in U.S. dollars.
Revenues totalled $143.9-million, up from $114-million.
"This quarter's results reflect improving rough diamond prices combined with increasing sales and profit for the luxury brand segment," chairman CEO Robert Gannicott said in a release.
"Both sides of our diamond business are performing well as we continue to achieve premium rough diamond prices and execute our luxury brand strategy."