MOSCOW – Russian diamond producer Alrosa suffered a sharp fall in core profit last year, hit by lower prices for its gems.
The world's largest producer of rough diamonds said that earnings before interest, taxation, depreciation and amortisation (Ebtida) fell 28% to 126.9-billion roubles, broadly meeting analyst expectations, on revenues of 275.4-billion roubles.
The average price of its gem-quality diamonds fell by 9% in 2017, it said, citing "changes in the product mix".
The company did not report separate fourth-quarter results. Analysts polled by Reuters had expected Alrosa to post quarterly Ebtida of 25.5-billion roubles, which together with Alrosa's nine-month Ebtida would give a full-year forecast of 125.5-billion roubles.