Dominion’s Rough Diamond Sales Total $261.8 Million for Q2 2013

Dominion Diamond Corp. (TSX:DDC,NYSE:DDC) announced its results for the second quarter of 2013, which ended July 31, noting that consolidated rough diamond sales from its Diavik and Ekati mines came to $261.8 million. That brought the company’s operating profit to $12.4 million.

However, Dominion recorded a net loss attributable to shareholders of $16.3 million for the quarter.

Other highlights include:

• The Diavik Diamond Mine generated gross margin of 25.1% and an EBITDA margin of 47% during the second quarter.
• The Ekati Diamond Mine gross margin would have been 11% and the EBITDA margin would have been 30%, if the effect of the market value adjustment to inventory made as part of the acquisition was excluded.
• Included in the consolidated net loss attributable to shareholders for the quarter was $5.4 million (after-tax) of restructuring costs at the Antwerp, Belgium office and $10.6 million (after-tax) of expenses relating to the cancellation of the credit facility that had been previously arranged for the acquisition of the Ekati Diamond Mine.  Excluding these two items and the impact of the sale of opening acquisition inventory that was included at market value in the Ekati cost of sales, the Company’s consolidated net profit attributable to shareholders for the quarter would have been $11.1 million or $0.13 per share.

Click here to read the full Dominion Diamond Corp. (TSX:DDC,NYSE:DDC) press release.