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Diamond News

Russian Diamond Company Alrosa Announces $303.5 Net Loss

23.11.09, 11:59 / World
Russian diamond company Alrosa has turned a loss of 8.811 billion rubles (about $303.45 million) for the timeframe of the first 9 months of the year, compared to a 3.54 billion rubles ($122 million) profit in the January-September period of 2008, with sale of rough diamonds totaling at about $786.4 million.
 
According to IDEX Online, in another blow to the company, revenues for Alrosa, the largest of Russia’s diamond companies, have dropped to a figure of  39.29 billion rubles (about $1.36 billion) during the January-September 2009 period, which constitutes a drop of 22.5% in comparison to the previous year.
 
Within this, sales for rough diamonds missed their three quarter sales target of $967 million. As expected, the weak sales are below last year’s rough diamond sales, by a figure of 39.9%. As part of its attempts to meet obligations for paying off debts, Alrosa has issued Euro Commercial Papers (ECP), and has additionally redeemed three tranches, totaling at a figure of $232 million.
By: Uri Haviv
More on this subject:
Vladimir Putin Pledges $1b to Support Diamond Giant Alrosa (23/08/09)
Diamond Miner Alrosa Will Maintain 2008 Diamond Production Levels (15/06/09)
Giant Diamond Miner Alrosa Prepares for Vybornov’s Replacement (31/05/09)
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