ALROSA’s Revenue Up 43 Percent in Q1

Rapaport reported that in the first quarter of 2014, ALROSA’s (MCX:ALNU) revenue increased by 43 percent from the year-ago quarter, hitting $1.66 billion. However, its profit sank 3 percent, to $179.5 million.

As quoted in the market news:

Fyodor Andreyev, the CEO of ALROSA, noted that the company observed positive market dynamics during the first quarter. The average increase for rough diamond prices was  3 percent during the period, ALROSA noted. However, the company explained that the average price of its gem-quality diamonds that sold actually fell 2 percent year on year to $155 per carat due to changes in product mix.

The company reported that diamond sales rose 42 percent to $1.51 billion (RUB 51.5 billion) and the volume of diamond sales increased 23 percent to 12.7 million carats. ALROSA also receives revenue from other product subsidiaries, including energy and gas.

Click here to read the full Rapaport report.