Russian mining giant Alrosa has released its financial results for 2017, showing revenue amounted to RUB 275.4 billion ($4.79 billion), EBITDA (Earnings before interest, tax, depreciation and amortization) to RUB 126.9 billion ($2.208 billion) and net profit to RUB 78.6 billion ($1.367 billion).
According to the miner, the financial performance in 2017 was down in comparison to 2016 “due to a 13% ruble appreciation against the US dollar and a 9% decrease in the average price of gem-quality diamonds sold mainly as a result of changes in the product mix”.
Sergey Ivanov, CEO of Alrosa, said: “Although production and sales volumes increased, ALROSA’s 2017 financial results were affected by a number of macroeconomic and market factors, especially the stronger ruble and the product mix changes. However, our efforts to enhance operational efficiency proved successful and, despite higher production and sales volumes, helped us maintain per unit costs at the 2016 level”.
