Russian diamond mining giant Alrosa has announced its financial results for the 1st quarter of the year, showing that revenue grew 58% quarter-on-quarter to RUB 96 billion ($1.54 billion), according to Gem Konnect.
Pre-tax profits grew 78% quarter-on-quarter to RUB 48 billion ($769 million). Earnings for the period totaled RUB 33.2 billion ($532 million) – double the earnings quarter-on-quarter.
The rise in profits was attributed to sales of “around 6 million carats from company’s stocks”. Rough diamond sales for the period grew 43% to $13.4 million in comparison with the previous quarter, despite a production decrease of 26% for the period.
CEO Sergey Ivanov explained: “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”.
