ALROSA decreased its net profit by 10.2% to RUB 30.601 billion in 2013 under the Russian Accounting Standards (RAS) compared to RUB 39.651 billion in 2012, according to the report released by the company, finmarket.ru informed.
“The decrease in net profit under RAS in 2013 is a “paperwork” slump due to the impact of revaluation of financial investments and foreign exchange difference,” the company commented its results under RAS, according to 1prime.ru. The miner says that the main factor for the decline in profits was the magnitude of the revaluation of shares in ALROSA Nyurba. In 2012, ALROSA gained RUB 14.471 billion in profits due to revaluation of financial investments, and RUB 4.916 billion in 2013.
In 2013, ALROSA had a loss of about RUB 2.7 billion caused by foreign exchange difference, whereas in 2012 the company reaped a foreign exchange gain (about RUB 2.4 billion). “Excluding the revaluation of investments and foreign exchange difference, ALROSA would have earned RUB 33.34 billion in 2013 under RAS and RUB 22.7 billion in 2012,” the company said.
According to finmarket.ru, the diamond miner’s revenue went up by 6.8%, up to RUB 138.225 billion against RUB 129.478 billion in the year before last.
The company’s cost of sales increased by 7.4% to RUB 62.205 billion, while its gross profit reached RUB 76.020 billion, which is 6.2% higher than in 2012 (RUB 71.560 billion).
ALROSA boosted its profit from sales by 3.1% to RUB 53.466 billion from RUB 51.846 billion.
Its pretax profit reached RUB 48.15 billion, which is 35% higher than in 2011.
The company’s reporting according to the Russian Accounting Standards (RAS) is unconsolidated and does not take into account performance data from its subsidiaries, the largest of which are ALROSA Nyurba, Almazy Anabara, Nizhne-Lenskoye and Severalmaz, while ALROSA’s 33-percent stake in Angola’s Catoca is not taken into account by ALROSA in its statements under the International Financial Reporting Standards (IFRS).
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