Aber Sees Rough Output, Sales and Profits Soar

Aber Diamond Corp saw a doubling of its share of the output of the Diavik Mine in Canada's Northwest Territories to 3 million carats last year over 2003. Rough diamond sales increased by $157 million last year to $252.7 million in its fiscal year ending January 31.

Aber has a 40 percent share in the Diavik Mine, with Rio Tinto holding the remainder, and a 51 percent controlling interest in luxury jeweler Harry Winston.

Total sales for the year, from rough diamond sales and Harry Winston jewelry, were $385.4 million compared with $95.6 million for the previous year. For the fourth quarter, sales soared to $144.6 million from $41.6 million a year earlier.

Net earnings for the year were $53.1 million from $27.7 million a year earlier. For the last quarter, net earnings jumped to $29.5 million from $3.2 million.

Aber's results were boosted by rising rough diamond prices and the acquisition in April 2004 of Harry Winston, which contributed $132.7 million to Aber's annual sales.