Diamonds in the news: ABER PRODUCTION UP IN Q1 2005.
Excerpt:
Aber Diamond Corporation's net earnings for the quarter ending April 30, 2004 totaled US$2.8 million compared to net earnings of US$5.2 million in the first quarter of the preceding year, which was prior to the commencement of commercial production at the Diavik Mine. The first quarter earnings represent a decrease of US$0.4 million from the fourth quarter results of US$3.2 million, a decrease attributed to higher income tax expenses (US$8.9 million compared to US$2.3 million in the preceding year and US$1.2 million in the preceding quarter), tax expenses, the rough diamond sales cycle, selling, general and administrative expenses, and mud-rich material surrounding the A154 South pipe.
During the quarter ended April 30, 2004, Aber generated US$37.7 million in cash from operations, compared to US$22.8 million in the previous quarter. Included in cash from operations is US$16.1 million generated by Harry Winston for the month of April.
Posted by GilbertZ at 04:44 PM
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