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ALROSA's Profit -5% in 2013
Apr 16, 2014 6:05 AM
By Deena Taylor
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RAPAPORT... ALROSA's profit fell 5 percent year on year to $885.3 million (RUB 31.8 billion) in 2013 as foreign exchange losses mounted due to a weakening ruble. Revenue from diamond sales grew 11 percent to $4.01 billion (RUB 144.2 billion). Total group revenue at the Russia-based mining company, including sales from its gas, transportation, trading, social infrastructure and construction segments, rose 12 percent to $4.69 billion (RUB 168.5 billion). The growth in group revenue was a result of increased revenue from the company's gas assets and a larger volume of diamond sales.
The quantity of gem diamonds sold during the year rose 15 percent to 38 million carats. Group production rose 7 percent to 36.9 million carats. ALROSA's cost of sales increased 19 percent to $2.27 billion (RUB 81.73 billion), while group debt increase 13 percent to $3.85 billion (RUB 138.6 billion).
ALROSA noted that the average price of its gem-quality diamonds fell 9 percent to $176 per carat during the year. Prices peaked at $192 per carat in the fourth quarter rising from $185 per carat in the third quarter.
Diamond sales to Belgium grew 21 percent to $2.13 billion (RUB 76.55 billion), while within the Russian Federation they dropped 15 percent to $1.12 billion (RUB 40.2 billion). Sales to India rose 7 percent to $611.2 million (RUB 21.98 billion), while sales to Israel jumped 56 percent to $472.2 million (RUB 16.98 billion). Diamond sales to China rose 50 percent to $145.4 million (RUB 5.23 billion) and those to the United Arab Emirates surged 64 percent to $116.5 million (RUB 4.19 billion).
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Tags:
Alrosa, Deena Taylor, diamonds, gem-quality diamonds
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