ALROSA Revenue +37% to $1.55 Billion

(IDEX Online News) – World leading rough diamond producer by volume, ALROSA, has reported its first quarter 2016 results, which show that revenue totaled RUB102.3 billion ($1.55 billion) – a 37-percent year-on-year increase.

The company said that the growth was the result of a favorable diamond market environment, which contributed to a 34-percent increase in the first quarter of 2016 compared to the same period a year previously.

ALROSA’s net income totaled RUB49.9 billion ($756 million), more than 2.2 times higher than over the same period in 2015.

“In Q1 2016 we were able to increase our sales volumes, which led to a reduction in our inventories, accumulated in H2 2015,” said PJSC ALROSA CEO Andrey Zharkov. “Taking into account the improved market conditions ALROSA’s financial results in Q1 2016 indicate the company’s strong position on the market.”