Alrosa Posts 12% Rise On Year in Revenues in 2013

(IDEX Online) – Russian diamond mining monopoly Alrosa reported a 12-percent increase on the year in revenue for 2013 to $4.67 billion (168.5 billion rubles) due to increased rough diamond sales.

The firm sold 15 percent more diamonds last compared with 2012 at 38.0 million carats which "offset the lack of price growth in 2013".

Net profit amounted to $1.06 billion (31.8 billion rubles), down five percent on 2012 "mainly due to increased exchange loss and revaluation of the dollar denominated part of the group's credit portfolio as a result of ruble weakening in 2013".

Company CEO Fyodor Andreev said: “Despite the lack of a price growth in the diamond market, Alrosa managed to increase revenue and retain a high level of profitability.

"We implemented the plans for construction of new production facilities and modernization of the existing ones. Alrosa’s successful IPO [share launch] … in 2013 proved a high level of confidence in the company from long-term investors and showed capitalization growth prospects."