ALROSA has considerably reduced diamond mining and revenue

AK “ALROSA” following the results of the first 6 months of this year has reduced diamond production by 22% yoy to 13.7 million carats, according to the message of the company.

diamond Sales fell in January—June by 47% yoy to 10.06 million carats.

Revenue from sales of the diamond production in the first half amounted to $991 million, which is almost two times lower than a year earlier.

Recall that in late April the company suspended till the end of summer the work of their enterprises in diamond cutting due to the unfavorable market situation. As was stated by the CEO of ALROSA, Sergei Ivanov, “relative to cutting and polishing complex, almost the entire production, including the factory in Barnaul and Smolensk “the Crystal” — about 1 thousand people, we had to send in a simple and paid in accordance with the law, before the end of summer this year.”

Later, ALROSA announced that from 15 may to suspend mining at two deposits of the Aikhal MPD in Yakutia from-for crisis on key markets, due to including pandemic coronavirus infection.

let’s Add that the net profit of AK ALROSA under IFRS amounted at the end of the first quarter of 2020 3.1 billion rubles, which is 7.8 times less than in the same period last year. EBITDA (earnings before interest, taxes, depreciation and amortization) decreased 4% yoy to RUB 30 billion. Revenue decreased by 11% to 62.7 billion rubles.

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