|Russian mining company Alrosa has released its IFRS financial results for the first quarter of 2017 (Q1 2017), reporting revenue of RUB 84.8 billion (US$1.5 billion), up 38 percent compared with the previous quarter (Q4 2016), but down by 17 percent compared with Q1 2016.
Net profit for the period is reported at RUB 22.7 billion (US$0.4 billion ), a 37 percent increase compared with Q4 2016, but down by 55 percent compared with the similar 2016 period (Q1 2016).
Diamond sales in Q1 are reported at 14.1 million carats - a 41.1 percent increase over the previous quarter, and a 17 percent increase when compared with Q1 2016.
Commenting on the results, Alrosa CEO Sergey Ivanov says, "In Q1 2017, we delivered better results compared to late 2016, due to the recovery of demand from Indian rough diamond consumers after a temporary decline caused by the monetary reform. The Company's margins were affected by the rouble appreciation. But what I would like to emphasize here is the success of our cost control programme, which ensured a minimum increase in our production costs."
LARGE DIAMOND RECOVERED FROM GORNOYE ALLUVIAL DEPOSIT
Alrosa has announced the recovery of a 60.32-carat rough diamond from its Gornoye alluvial deposit near Mirny. The diamond, described as an octahedron crystal, transparent with yellow hue, is reportedly worth around US$174,000.