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ALROSA's Revenue +8% in 2015 on Weaker Rouble
Mar 17, 2016 11:24 AM
By Rapaport News
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RAPAPORT... ALROSA reported revenue jumped 8.4 percent to $3.28 billion
(RUB 224.5 billion) last year as the rouble’s depreciation against the dollar boosted
the Russian miner’s sales in local currency.
As a result, the company swung to a profit of $470.9 million
from a loss of $246.2 million in a year ago, overcoming a 24 percent slide in
the volume of diamonds sales, according to a statement March 17. The value of
diamond sales increased 9.3 percent to $2.94 billion.
“After a decline in rough diamond market activity in 2H
2015, we note signs of recovering market demand for the company’s main products,”
Andrey Zharkov, ALROSA’s chief executive officer, said, adding that a “favorable
foreign-exchange market environment” and cost controls supported the “strong”
results.
The Russian rouble, in which ALROSA calculates its results,
weakened 25 percent against the dollar in 2015, boosting reported figures as
the miner sells diamonds in the U.S. currency.
The Russian government is currently considering the potential sale
of a 10.9-percent stake in ALROSA, the miner’s management confirmed in a presentation
to investors March 17.
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Tags:
Alrosa, mining, Rapaport News, Rough Diamonds, Russia
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