ALROSA Posts Surging Revenue, Profit in Third Quarter

(IDEX Online) – Russian diamond mining giant ALROSA reported a 48% jump on the year in growth in revenue for the third quarter of 2016.

Revenue came to RUB 255.6 billion ($393 million) while earnings before interest, tax, depreciation and amortization (EBITDA) jumped 67% on the year-earlier quarter to RUB 150.0 billion ($231 million).

Net income increased threefold on the year to RUB 116.9 billion ($178 million).

ALROSA CEO Andrey Zharkov commented: "The recovering demand for diamonds has driven up sales volumes and reduced the remaining diamond inventories. Cost control measures have allowed us to keep production costs growth rate at the minimum level. The threefold growth in the net cash flow and net profit of the company creates enough liquidity to increase dividend payments to the shareholders and early debt repayment."

In 2015, the company produced 38.3 million carats of rough diamonds; 2015 revenue was RUB 224.5 billion ($345 million).