OJSC Severalmaz, a subsidiary of the Russian largest diamond miner OJSC AK ALROSA, posted a dramatic increase of net loss per RAS following the first quarter of 2012, to 148.85 million rubles compared to 62.22 million rubles of net loss for the similar period of 2011, PRIME reports citing the company’s statement.
Revenue of OJSC Severalmaz contracted by 36% to 156.18 million rubles, while cost of sales was relatively stable at 214.91 million rubles (compared to 218.16 million rubles in 1Q 2011).
The company’s 1Q 2012 gross loss amounted to 58.73 million rubles compared to 25.94 million rubles for the appropriate period of 2011. Sales loss jumped 7.3 times to 118.51 million rubles, loss before taxes increased 2.5 times to 180.58 million rubles.
OJSC Severalmaz noted that all rough diamond production was exported in the first quarter of 2012 (while in 1Q 2011 the company's exports accounted for 95.87% of the aggregate sales).
During the period in report Severalmaz sold a total of 97,700 carats of diamonds, the main consumers of diamond production being Belgium, India,, Israel, UAE.
In 2012 Severalmaz intends to export a total of 404,800 carats of rough diamonds. The company targets securing ore extraction capacity of 1.3 million tonnes and ore processing volumes at 1.1 million tonnes for the full year. Severalmaz expects rough diamond production of about 555,000 carats in 2012.
This year the company also planned additional exploration works at Pionerskaya pipe aimed at accretion of diamond reserves.
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