ALROSA More Than Doubles Net Profit in Q2 2013

Russia’s ALROSA (MCX:ALNU) announced its results for the second quarter and first half of the year, commenting that its net profit for Q2 2013 was 8.4 billion rubles, 2.4 times more than in the year-ago quarter. Its revenue increased by 9 percent from Q2 2012.

As quoted in the press release:

EBITDA grew by 1% to Q2 2012 and amounted to RUB19.4 bn with a margin of 45%. In Q2 2013, ALROSA’s net profit amounted to RUB8.4 bn, which was a 2.4x increase vs Q2 2012 mainly due to the recognition of gain on disposal of 51% stake in “Timir” and lower FX losses.

H1 2013 revenue grew by 7% vs H1 2012 and reached RUB82.3 bn driven by increased sales volumes and improved demand for diamonds in Q2 2013. EBITDA decreased by 1% and amounted to RUB35.2 bn, net profit decreased by 10% and amounted to RUB14.6 bn due to growth of FX losses and higher interest expenses.

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