Moscow: ALROSA published its financial results on IFRS for the first quarter of 2017, and reported its revenue fell 17% year on year.

ALROSA’s Q1 2017 revenue totalled RUB 84.8 bn, up 38% on the previous quarter and down 17% year on year. EBITDA totaled RUB 35.2 bn, with EBITDA margin totalled 42%. Net income totalled RUB 22.7 bn. Free cash flow totalled RUB 34.6 bn up 4.7 times as compared to the previous quarter and down 42% year on year.

“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”, – said Sergey Ivanov, Chief Executive Officer of PJSC ALROSA.