Make Kitco Your Homepage

UPDATE 1-Russian diamond company Alrosa posts 28 pct profit fall

Kitco News

(Adds details, context) MOSCOW, March 15 (Reuters) - Russian diamond producer Alrosa suffered a sharp fall in core profit last year, hit by lower prices for its gems. The world's largest producer of rough diamonds said that earnings before interest, taxation, depreciation and amortisation (EBITDA) fell 28 percent to 126.9 billion roubles ($2.2 billion), broadly meeting analyst expectations, on revenues of 275.4 billion roubles. The average price of its gem-quality diamonds fell by 9 percent in 2017, it said, citing "changes in the product mix". The company did not report separate fourth-quarter results. Analysts polled by Reuters had expected Alrosa to post quarterly EBITDA of 25.5 billion roubles, which together with Alrosa's nine-month EBITDA would give a full-year forecast of 125.5 billion roubles. ($1 = 57.4483 roubles) (Reporting by Polina Devitt Editing by Dasha Afanasieva)

Messaging: polina.devitt.reuters.com@reuters.net))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
Mining News