In the first half of 2024, the profit of the Russian diamond mining company ALROSA decreased by 35% to 36.6 billion rubles ($404.7 million) under international financial reporting standards (IFRS), while revenue decreased by 5% to 179.5 billion rubles ($1.98 billion).
In addition, in the second quarter, the company's net profit crashed by 73% to 7.3 billion rubles ($80.7 million) compared to 27.1 billion rubles ($300 million) in the same period last year.
The cost of sales in the reporting period increased by 14% year-on-year, to 114.1 billion rubles. Profit before tax fell by 34% to 45.8 billion rubles. The company's net cash flow from operating activities for the first half of the year amounted to 60.6 billion rubles, an increase of 38%. Liabilities, including short-term and long-term, amounted to 195.277 billion rubles against 214.758 billion rubles as of December 31.
Earlier in July, it was reported that ALROSA had begun drilling freeze wells at the construction site of the Mir-Gluboky underground mine. Preparatory work for the construction of the underground mine began at the end of 2023.
Theodor Lisovoy, Managing Editor, Rough&Polished
