Russian diamond mining company ALROSA reported a drop in revenue and profit for the first 9 months of the current year.
According to data published by the company, revenue under Russian accounting standards (RAS) decreased by 30% in the first three quarters of the year to 166 billion rubles ($1.72 billion), compared to 237.2 billion rubles ($2.45 billion) in the same period a year earlier.
ALROSA's gross profit almost halved to 53.6 billion rubles, while its net profit under RAS fell more than 3 times, to 28.3 billion rubles, compared to 87.9 billion rubles in the first three quarters of 2023.
Cost of sales fell by 14% to 112.4 billion rubles, and the company's other expenses (including, for example, exchange rate differences) amounted to 19 billion rubles.
In the third quarter, according to Interfax calculations, ALROSA's revenue fell almost sixfold, to 13.3 billion rubles, and the company suffered a gross loss of 2.7 billion rubles. The net loss amounted to 6.5 billion rubles.
ALROSA's total debt has grown by 17% since the beginning of the year and amounted to 158.9 billion rubles at the end of September.
Theodor Lisovoy, Managing Editor, Rough&Polished
