Rapaport reported that in the first quarter of 2014, ALROSA’s (MCX:ALNU) revenue increased by 43 percent from the year-ago quarter, hitting $1.66 billion. However, its profit sank 3 percent, to $179.5 million.
As quoted in the market news:
Fyodor Andreyev, the CEO of ALROSA, noted that the company observed positive market dynamics during the first quarter. The average increase for rough diamond prices was 3 percent during the period, ALROSA noted. However, the company explained that the average price of its gem-quality diamonds that sold actually fell 2 percent year on year to $155 per carat due to changes in product mix.
The company reported that diamond sales rose 42 percent to $1.51 billion (RUB 51.5 billion) and the volume of diamond sales increased 23 percent to 12.7 million carats. ALROSA also receives revenue from other product subsidiaries, including energy and gas.