Stornoway Diamond Corporation Reports Non-Cash Impairment Charge for the Second Quarter Ended June 30, 2019
August 14, 2019 at 04:57 pm EDT
Stornoway Diamond Corporation reported non-cash impairment charge for the second quarter ended June 30, 2019. For the quarter, the Corporation reported a net loss of $346.3 million (Comparative Quarter $35.9 million) due primarily to a non-cash impairment charge of $442.7 million partially offset by the aforementioned reduction of contract liabilities of $135.4 million. The impairment charge was principally driven by decreasing prices of rough diamonds resulting in a write-down of property plant and equipment, right-of-use assets and deferred transaction costs.