Indian Rebound Helps ALROSA Post Jump In Revenue On Quarter In Q1
May 28, 17
(IDEX Online) – Russian diamond mining giant ALROSA reported a 38 percent rise on the quarter in revenue to RUB 84.8 billion ($1.5 billion), however the figure was down 17 percent on the year.
Net income totaled RUB 22.7 billion ($400 million).
"In Q1 2017, we delivered better results compared to late 2016, due to the recovery of demand from Indian rough diamond consumers after a temporary decline caused by the monetary reform," said Sergey Ivanov, Chief Executive Officer of ALROSA.
"The company's margins were affected by the rouble appreciation. But what I would like to emphasize here is the success of our cost control program, which ensured a minimum increase in our production costs."