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ALROSA Reports Loss in 2014, Revenue +23%
Mar 23, 2015 8:36 AM
By Deena Taylor
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RAPAPORT... ALROSA reported a loss of $283.8 million (RUB 16.8 billion) in 2014 as a result of foreign-exchange losses on the company's U.S. dollar-denominated debt, following depreciation of the ruble in 2014.
Revenue from diamond sales grew 23 percent to $3 billion (RUB 177.7 billion). Total group revenue at the Russia-based mining company, including sales from its gas, transportation, trading, social infrastructure and construction segments, rose 23 percent to $3.5 billion (RUB 207.2 billion), although the growth in group revenue was mainly a result of higher diamond sales.
The quantity of gem diamonds sold during the year rose 4 percent to 39.6 million carats. Group production declined 2 percent to 36.9 million carats. ALROSA's cost of sales increased 20 percent to $1.8 billion (RUB 98.9 billion), while group debt increased 42 percent to $3.3 billion (RUB 197.2 billion).
ALROSA noted that the average price of its gem-quality diamonds fell 3 percent to $171 per carat during the year. In 2014, rough diamond prices peaked at $199.98 per carat in the second quarter, rising from $154.7 per carat in the first quarter.
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Tags:
Alrosa, Deena Taylor, diamonds, Rough Diamonds
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