Russian mining giant Alrosa has announced its financial results for Q3 and the first nine months of 2018.
According to the miner, its revenue for the first nine months increased by 11% to RUB 238 billion (around $3.5 billion) “on the back of higher price index and average diamond selling prices and a better sales mix, despite a 9% drop in sales in carats”. During the period, EBITDA (earnings before interest, taxes, depreciation and amortization) grew by 29% to RUB 129 billion (around $1.9 billion). Net profit grew by 33% year-on-year to RUB 82.5 billion ($1.2 billion).
In the third quarter of the year, revenue increased by 19% year-on-year to RUB 70.1 billion (around $1 billion) “driven by a higher price index and a better sales mix”. EBITDA in Q3 grew 47% year-on-year to RUB 40 billion (around $590 million) due lower costs and better prices. Net profit in Q3 grew 87% to RUB 24.2 billion (around $356 million) “driven by the improved market environment”. Additionally, the miner revised its 2018 sales guidance to 37–38 million carats “due to weaker demand for small-size rough diamonds” in the second half of 2018.
