Alrosa, the world leader in diamond production, today reported financial results according to IFRS for the first quarter of 2016, informing the press release received by Rough & Polished Tuesday.
The company said revenue in the first quarter of 2016 increased by 37% compared to the first quarter of 2015 and amounted to 102.3 billion rubles. The revenue growth was due to the improvement of the situation of the diamond market, which contributed to an increase in diamond sales by 34% in the first quarter of 2016 compared to the first quarter of 2015.
EBITDA increased by 38% compared to the first quarter of 2015 to 59.3 billion rubles, EBITDA margin increased to 58%.
Net profit amounted to 49.9 billion rubles, 2.2 times higher than the same indicator of the first quarter 2015. Net cash flow reached 59.9 billion rubles due to a substantial increase in the volume of diamond sales in the first quarter of 2016.
"In the first quarter of this year we managed to increase sales volumes, which contributed to the reduction in diamond balances accumulated during the second half of 2015. On the back of improved market conditions financial results "ALROSA" in the first quarter of 2016 show a steady position of the Company in the industry ", - said the president of ALROSA Andrei Zharkov.
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The corporation Dominion Diamond Corporation has published the results of sales in the first quarter of 2017 fiscal year (from February to April 2016) Ekati diamond mine (the Ekati) and Diavik (Diavik) and Ekati production results for the same period.
Two diamond trading results for the quarter were $ 178.3 million compared with $ 187.7 million in the 1st quarter of fiscal 2016. In the second quarter it is planned to spend three diamond tender.
According to the report Dominion, the Ekati mine in the 1st quarter of fiscal 2017 were produced 1.076 million carats, compared with 0.804 million in the 1st quarter of fiscal 2016. The content of the diamond mine Ekati was 1.11 carats per tonne of processed ore, an increase compared to 0.94 carats per tonne in the 1st quarter of fiscal 2016.
Commenting on the situation in the diamond market, the company noted a significant improvement in market conditions during the quarter, citing restocking diamond manufacturers in response to a positive season in retail sales at the end of 2015. As a result, says the Dominion, the downward pressure on prices observed in the last year, was replaced by the opposite movement, that, according to the company, is a good omen for a more stable market conditions in fiscal 2017.
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