According to PricewaterhouseCoopers’ review of the interim financial statements of ALROSA under the Russian Accounting Standards (RAS), the company's net profit for January-June 2021 amounted to RUB 47,109,103,000 compared with a loss of 8,778,733,000 rubles in the same period last year, the Interfax Corporate Information Disclosure Center reported on its website.
In the first half of 2021, the company's profit from sales reached 57,603,984,000 rubles against 12 329 130 000 rubles in the first six months of 2020.
The clarification statement to the reporting data said that the restrictions imposed around the world to combat the COVID-19 new coronavirus infection led to a drop in demand for diamonds and diamond jewelry and minimized trade in rough and polished diamonds at all global platforms in April, May, and June; their influence continued in July, with a partial market recovery in August, and a transition to regular sales starting from September until the end of 2020. Regular sales continued in the first half of 2021, which allowed the company to repay part of the loans raised during the lockdown ahead of schedule.
The statement also said that future economic downturns or continuing uncertainty about future market conditions may negatively affect demand and prices for diamonds, and any sustained decline in the market price or consumer demand for diamonds would have a significant negative impact on the Group's business, financial condition, results of operations and prospects. The Group's management is taking the necessary measures to ensure the sustainability of operations. However, the future impact of the current economic environment is difficult to predict, and the management's current expectations and estimates may differ from actual results.
Vladimir Malakhov, Rough&Polished
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