Alrosa Q3 Revenue Drops 20%
November 10, 19
(IDEX Online) - Alrosa has announced that revenue for the third quarter of 2019 dropped 20 percent to 46 billion rubles ($721.3 million) compared to the previous quarter. Sales were down 23 percent in the quarter. Year-over-year, revenue dropped 35 percent while sales dropped 5 percent. Alrosa also sold a higher volume of small-size diamonds, which contributed to the fall in revenue. In October, Alrosa sold $264.4 million worth of rough and polished diamonds. Rough diamonds totaled $253.9 million with revenue on polished stones totaling $10.4 million. Since the beginning of the year, the company has sold $2,639.4 million worth of rough diamonds and $47.2 million in polished diamonds. Evgeny Agureev, deputy CEO of Alrosa said supply and demand in the diamond pipeline seem to be heading to equilibrium. However, he stressed that it is premature to talk about reaching a complete balance in the near future. "Since early August 2019, the prices and demand have somewhat stabilised resulting in three consecutive months of sales growth, with total sales adding 7 percent, 42 percent and 2 percent month-over-month in August, September and October, respectively," he said. ALROSA Group rough and polished diamond sales in January-October 2019