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Russia’s Alrosa Jan-Mar IFRS net profit falls 3% to 6 billion rubles

June 24, 2014, 11:13 UTC+3 MOSCOW
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MOSCOW, June 24. /ITAR-TASS/. The net profit of Russian diamond giant Alrosa went down 3% on the year to 6.1 billion rubles in January-March, the company said in a report on Tuesday.

The figures were calculated under International Financial Reporting Standards.

Alrosa attributed the decrease in its net profit to revaluation of its loan portfolio denominated in foreign currencies because of the weakening ruble exchange rate in January-March.

Revenue rose 43% to 56.3 billion rubles, including 50.1 billion ruble diamond sales revenue.

Earnings before interest, taxes, depreciation and amortization (EBITDA) grew 60% to 26.1 billion rubles, and the EBITDA margin widened 46%.

Capital expenditures went up 27% to 8.338 billion rubles.

Alrosa’s total debt stood at 136.931 billion rubles, net debt was 120.788 billion rubles.

The company separately reported that by Tuesday the debt rose to US $4.21 billion. Alrosa said that it needed to raise the debt burden to find money to redeem an issue of Eurobonds later in 2014.

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