Support The Moscow Times!

Diamond Miner Alrosa's Profits Fall 3% in First Quarter

Russian diamond mining company Alrosa's profits fall 3% in first quarter.

Russian diamond mining company Alrosa said on Tuesday its first-quarter 2014 net profit had decreased by 3 percent, year-on-year, due to higher foreign exchange losses.

The miner, the world's top producer by output in carats, said its net profit was down to 6.1 billion rubles ($177 million) after the ruble currency weakening caused the revaluation of the dollar-denominated part of its debt.

Revenue increased by 43 percent to 56.3 billion rubles ($1.6 billion) as a result of higher sales volume and the ruble weakening. Diamond sales were up 23 percent to a record 12.7 million carats.

The company said it had increased available bank loans and public debt instruments to $4.2 billion as of June 24 to create a liquidity source for the upcoming $500-million Eurobond repayment in the fourth quarter 2014.

See also:

Alrosa 2013 Profit Down 5% on Weak Ruble

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.