Industry News by Nemesis

Severalmaz Lowers 2017 Profit Forecast

June 12, 2017

PJSC Severalmaz, which is part of the ALROSA Group, expects to receive 413.2 million rubles in net profit in 2017, which is 13% less than a year ago. This is according to the company's annual report.


As reported by Severalmaz, it plans to produce 8% more diamonds than in 2016, or 2.4 million carats. The enterprise develops a M.V. Lomonosov diamond deposit and produces about 5.3% of rough diamonds mined by the ALROSA Group.


Almost all of the profit received by the end of 2017, or about 450 million rubles, is expected to be used to cover the losses of previous years.


According to the results of 2016, Severalmaz received net profit of almost 476 million rubles under RAS, which is 1.7 times more than a year earlier. Also in 2016 the enterprise mined 2.218 million carats of diamonds, sold 1.9 million carats for 6.2 billion rubles. 

 

Source: Rough-Polished

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