Alrosa's profit jumps on higher prices
MOSCOW – Russian State-controlled diamond producer Alrosa on Friday reported second-quarter net profit of 30.2-billion roubles ($411-million), up 26% from the previous quarter, thanks to higher prices.
The world's largest producer of rough diamonds, which competes with Anglo American unit De Beers, is gradually restoring output after last year's 22% reduction to 30-million carats when global diamond sales were hit by the Covid-19 pandemic.
Net profit in the same quarter last year was a mere 300-million roubles ($4-million) because of the pandemic.
Demand for diamond jewellery continued to recover in the second quarter of this year, Alrosa finance chief Alexey Philippovskiy said in a statement.
"Our outlook for the end-consumer market remains positive. The market is recovering faster than we predicted," he said, adding that diamond supply remains 20% below pre-pandemic levels and global production is unlikely to bounce back in the medium term.
Alrosa said it was on track to produce 31.5-million carats this year, with "an optimistic scenario" of additional growth of 5% growth.
The miner also cut its 2021 capital expenditure estimate by four-billion roubles to 21-billion roubles, it said, adding that the board would recommend a dividend payment this month.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation