Alrosa Sees Increased January – September Net Profits

Russian diamond miner Alrosa reported that January-September net profits leaped 19.3 percent to 7.145 billion rubles ($230 million), up from 5.986 billion rubles during the same comparable period in 2002.

Alrosa credited cost reduction measures for boosting net profits by 11.3 percent. However, the dollar to ruble exchange rate has hurt the company, bringing down income from sales by 350 million rubles ($11.74 million).

Sales figures for the period were up 8.5 percent to 43.468 billion rubles ($1.458 billion) despite a 679 million rubles drop in the cost of goods to 14.314 billion rubles.

Alrosa is expecting total diamond mine output to reach $1.56 billion by the end of this year.