17 May 2018
Russian mining giant Alrosa said its rough diamond sales reached 13.4 million carats during the first quarter of 2018, up 43 percent compared to the same period in 2017.
According to Alrosa, the sale of around 6 million carats of rough diamonds from its stock contributed to the growth despite a production decrease of 26 percent.
Q1 2018 revenues were up 58 percent to RUB 96 billion (around US$1.53 billion), driven by an improved product mix and higher average selling prices. Earnings before interest, taxes, depreciation and amortisation rose 78 percent to RUB 48 billion (around US$768 million) due to an upward trend in revenue and cost control initiatives.
The company's net profit doubled to RUB 33.2 billion (around US$531 million).
"Alrosa's excellent financial performance in Q1 2018 is largely due to improved market conditions, which we were able to fully benefit from, and stringent cost control," said Sergey Ivanov, CEO and chairman of the executive committee at Alrosa.