In a presentation on Investor’s Day on March 22, Russian diamond miner Alrosa said it expects to rake in around $1.25 billion in the first quarter of 2017, Rough & Polished reports. This represents a 6% drop in revenue year-on-year, and it is 47% higher than the revenue raked of the 4th quarter of 2016.
Prices for Alrosa diamonds rose 2% in January to March 2017. According to the report, prices “did not change in 2016 after falling by 15% in 2015”. Alrosa’s diamond sales totaled $365.4 million in January and $402 million in February.
Alrosa President Sergey Ivanov said that by the end of the summer, the company’s top management “will present a program to reduce costs”. In addition, the company’s CFO Igor Kulichik said that “Alrosa will be able to pay RUB 61 billion in dividends for 2016 if the government issues a directive to distribute 50% of the company’s net profit”.
