Synthetic diamond producer Scio Diamond Technology Corp. announced financial results for the fiscal 2016 second quarter ended September 30, 2015 on 13 November2015. The company generated total revenue of US$236,292 in Q2 FY 2016, an increase of 127.3%from US$103,976 in the same period last year. The increase related primarily to increases in products sold.Loss from operations in Q2 FY 2016 was US$801,469, compared to US$678,255 for the year-ago quarter.
President and CEO Gerald McGuire explained that the company’s production of colourless and fancy color pink diamonds has attracted new investments to fund manufacturing and operation improvements.
“We are pleased to report revenue growth, an outcome of the company’s increased production capacity that is allowing us to manufacture our single-crystal Type IIa colourless diamonds in higher volume and quality,” he explained. “As our business and the market evolve together, we are intensifying efforts to increase our growth velocity.”
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