ALROSA Reports Q3 Loss of $223 Million

Rapaport reported that diamond giant ALROSA (MCX:ALNU) recorded a loss a $223 million during 2014′s third quarter. The loss was primarily the result of foreign exchange losses.

As quoted in the market news:

ALROSA recorded a foreign exchange cost of $429 million (RUB 19.89 billion) during the quarter. But with that impact removed,  ALROSA reported  operating profit fell only 2 percent year on year to $258 million (RUB 11.93 billion) during the quarter as a result of higher expenses. Revenue rose 8 percent to $909 million (RUB 42.1 billion) with the average price of its gem-quality diamonds down 9 percent from the previous quarter to $182 per carat.  The company noted that the average price fell mainly due to a change in its product mix, while market prices rose 3 percent.

Click here to read the full Rapaport report.