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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.
Tags: Alrosa, Belgium, miners, mining, Rapaport News, Rough Diamonds, rough producers, rough sales, Russia
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