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ALROSA 2Q Sales Up 20%

Aug 30, 2015 3:14 AM   By Rapaport News
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RAPAPORT... Russian Miner ALROSA’s sales in the second quarter rose 20 percent to $875.8 million (RUB 57.3 billion) versus the comparable period last year, according to a company announcement on August 28. For the first half of the year, revenue increased by 26 percent to $2.02 billion (RUB 131.9 billion).

The company said earnings before income taxes, depreciation and amortization fell 36 percent. ALROSA trimmed its net debt by 20 percent.

Andrey Zharkov, PJSC ALROSA chief executive, commented on the company’s website: “FX market environment continues to have positive impact on ALROSA’s financial results. The Company notes a steady increase in demand for diamond jewelry in the USA. Less active diamond jewelry market in Asia is a result of deterioration of the macroeconomic situation in the region. ALROSA's forecast for rough diamond demand is a conservative one, though the market is expected to pick up by year-end 2015.”
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