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Dominion Diamond posts loss on restructuring, expenses

The Diavik diamond mine in the Northwest Territories.


Dominion Diamond Corp., 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.

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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 jewellery retail business in the first quarter.

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