ALROSA Announces its FY 2017 IFRS Results

ALROSA (MCX:ALRS) announced that their 2017 revenue amounted to RUB 275.4 bn, EBITDA to RUB 126.9 bn, net profit to RUB 78.6 bn.

As quoted in the press release:

Financial performance in 2017 was down y-o-y due to a 13 percent ruble appreciation against the US dollar and a 9 percent decrease in the average price of gem-quality diamonds sold mainly as a result of changes in the product mix.

Sergey Ivanov, CEO of PJSC ALROSA, commented:

Although production and sales volumes increased, ALROSA’s 2017 financial results were affected by a number of macroeconomic and market factors, especially the stronger ruble and the product mix changes. However, our efforts to enhance operational efficiency proved successful and, despite higher production and sales volumes, helped us maintain per unit costs at the 2016 level.

Click here to read the full ALROSA (MCX:ALRS) press release.