ALROSA’s Net Profit under RAS +59% in 1H

Moscow: Following the 1st half of 2014 OJSC AK ALROSA posted net profit under RAS soared by 59%, or 1.6 times, – to RUB 24.174 billion compared to RUB15.209 billion a year earlier, according to the company’s financial statement, cited by

ALROSA’s revenue increased by 20% and amounted to RUB81.551 billion compared to RUB68.01 billion in the 1st half of 2013. Cost of sales went up by 5.3% to RUB31.666 billion in January – June 2014 compared to RUB30.077 billion in the same period last year.

The company’s gross profit increased by 31.5% to RUB 49.885 billion. Profit from sales amounted to RUB31.211 billion, which is 20.3% more than a year ago (RUB25.955 billion).

Pre-tax profit rose 63.3% to RUB31.249 billion against RUB19.134 billion rubles for the period from January to June 2013.

Short-term liabilities of ALROSA as of the end of the 1st half totaled RUB54.926 billion, or 25% below the level of debt at the beginning of 2014. Short-term borrowings were reduced almost twofold to RUB27.841 billion.

ALROSA’s financial statement under RAS is non-consolidated, it does not include financial figures of the company’s subsidiaries (ALROSA Nyurba, Almazy Anabara, Nizhne-Lenskoye, Severalmaz). Meanwhile 33% share of ALROSA in Catoca mine in Angola is not included into IFRS financial statement.