On Thursday, ALROSA published a report on financial results for the period of January-June 2017 in line with the Russian Accounting Standards (RAS), from which it follows that the company's profit before tax amounted to 53.5 billion rubles, almost halving compared to the same period last year (103.3 billion rubles). The company's revenue dipped to 115.8 billion rubles, a decrease of 21%.
Its gross profit was 56.7 billion rubles against 100.9 billion rubles one year ago. The diamond miner’s net profit reached 43.7 billion rubles against 82.7 billion rubles in the first half of 2016.
The long-term liabilities of ALROSA at the end of the first half were 172.3 billion rubles, down by almost 19 percent versus the end of 2016, while the company's short-term liabilities slightly went up, reaching 33.2 billion rubles against 32.5 billion rubles last year.
Commenting on the results of the first half-year, ALROSA Vice-President and CFO Igor Kulichik said: "The decrease in ALROSA's revenue and net profit under the RAS in the first half of 2017 relative to the same period last year is primarily due to a significant change in the ruble's exchange rate. The strengthening of the ruble affected the company's financial performance in the Russian currency. The basic results of ALROSA's production activities will be published on Monday, July 24."
Theodor Lisovoy, Rough&Polished, Moscow