Russian Diamond Company Alrosa Announces $303.5 Net Loss
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23.11.09, 11:59
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World
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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.
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By: Uri Haviv
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