Global Apparel Market – An Overview | Watch NOW! | Ad
Home / Knowledge / News / Fashion / Strong earnings from HWDC operations
Strong earnings from HWDC operations
08
Jan '08
Harry Winston Diamond Corporation reported consolidated earnings from operations of $66.3 million for the third quarter of Fiscal 2008, a 79% increase over the prior year's comparable period.

The operating earnings growth was driven by a 22% increase in sales to $176.5 million and a 44% increase in gross margin to $101.9 million.

Strong operating results were offset by a $40.6 million foreign exchange loss, or $0.70 per share, primarily resulting from the revaluation of future income taxes.

During the third quarter that ended October 31, 2007, the Canadian dollar, relative to the U.S. dollar, strengthened to $1.06, representing a 13% increase over the second quarter.

As a result, the Company posted a net loss of $7.4 million or $(0.13) per share compared to net earnings of $18.8 million, or $0.32 per share, in the prior year's period.

Excluding the impact of the foreign exchange loss for the third quarter, net earnings would have been $33.2 million, or $0.57 per share.

Rio Tinto Plc, the operator of the Diavik Diamond Mine, has approved a two-year capital programme to complete the development of an underground mine which secures the future of the Diavik Project beyond 2020.

With this new development plan in hand, Harry Winston is well advanced in extending its existing debt facilities which, together with cash flow from operations, will fund Harry Winston's estimated additional $218 million contribution to complete this project having already contributed $77 million over the last year.

To ensure prudent fiscal management it is the intention of the Board of Directors to continue to pay dividends of $0.05 per quarter during the construction period.

The Board of Directors has, therefore, declared a dividend of $0.05 per share to be paid on January 21, 2008 to shareholders of record on December 28, 2007.


Must ReadView All

Sri Lanka reduces VAT on imported fabric to 5%

Textiles | On 24th Sep 2018

Sri Lanka reduces VAT on imported fabric to 5%

Considering the requests made by the stakeholders in the fabric...

E-com firms in India to deduct 1% TCS under GST from Oct 1

Apparel/Garments | On 24th Sep 2018

E-com firms in India to deduct 1% TCS under GST from Oct 1

E-commerce companies in India will have to deduct 1 per cent tax...

Courtesy: Andritz

Textiles | On 24th Sep 2018

'Strength of economy, demographics drive nonwovens demand'

The strength of the economy and demographic trends are the main...

Interviews View All

Milind Khandwe, Hindoostan Innovation Centre

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Jim Desai, Blaiva Fabricaa

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Abhimanyu Singh Rathore & Barbara Anna Kosiorek, Kannbar

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Deepprakash Agrawal,

Deepprakash Agrawal

Radhey Weaves is a Surat-based manufacturer of brocade fabrics. MD...

Paolo Crespi,

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Sugandha Bhardwaj,

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Marcel Alberts, Eurofibers

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kai Poehler, Voith Paper GmbH & Co. KG

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Mohammad Hassan, Biax Fiberfilm

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Amiben Shroff, Shrujan

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search