Aber Diamond Q1 Profit Jumps to $13.6M

Aber Diamond Corp. closed its first quarter of 2005 fiscal with sales of $ 110 million, more than double its sales from first quarter 2004.

Aber Diamond Corp. said Thursday its net earnings for the quarter ended April 30 were $ 13.6 million, 23 cents per share diluted, on sales of $ 110 million.

That compared to a profit of $ 2.8 million, five cents per share, on sales of $ 52 million in the year-earlier period.

Aber’s 51 percent share in fine jewelry store Harry Winston "performed well in a seasonally slow period," said Thomas O’Neill, CEO of Harry Winston. High-end price points and unique jewelry --along with a growing base of modestly priced jewelry-- O’Neill attributes to strong results.

The Toronto-based miner, which holds a 51 per cent interest in the celebrity jeweller and a 40 per cent interest in the Diavik diamond mine, told investors Thursday it plans to expand the Harry Winston chain to 25 stores from the current nine.