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ALROSA Sees Stronger Sales, Lower Inventory in 1Q
May 31, 2016 4:07 AM
By Rapaport News
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RAPAPORT... ALROSA
reported revenue and profit surged in the first quarter as the rough diamond market
improved from last year’s slump. 
Revenue
jumped 37 percent to $1.56 billion (RUB 102.34 billion) in the three months to
March 31 and profit more than doubled to $758.8 million.
“We were
able to increase our sales volumes, which led to a reduction in our inventories
accumulated in the second half of 2015,” said Andrey Zharkov, ALROSA’s chief
executive officer (pictured).
Revenue
from diamond sales jumped 41 percent to $1.48 billion, with sales to Belgium,
ALROSA’s largest trading partner, soaring 43 percent to $774 million. Sales to
India surged 58 percent and revenue from Israel and the United Arab Emirates both
increased. The company accumulates sales from other revenue streams such as its
gas and transport divisions.
Diamond
inventories in rubles declined 18 percent to $718.1 million. This comes after the miner’s
stockpile increased
by more than 8 million carats through 2015 to 22 million carats at the end
of December following reduced demand.
The
company kept
rough prices stable in March for the sixth consecutive month, a
spokesperson told Rapaport News.
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Tags:
Alrosa, Belgium, miners, mining, Rapaport News, Rough Diamonds, rough producers, rough sales, Russia
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