Alrosa’s revenue rose in the first quarter, driven by an improved product mix and higher average selling prices.
Revenue grew 14% year on year to $1.52 billion (RUB 94.89 billion) for the three months ending March 31. Profit soared 40% to $532.9 million (RUB 33.18 billion) for the period due to a stronger rough market and strict cost controls, the miner explained.
Sales of rough diamonds fell 5% to 13.4 million carats. The miner sold around 6 million carats from its stocks, it said. The average price of rough diamonds jumped 27% to $118 per carat, according to Rapaport calculations.
“Alrosa’s excellent financial performance in [the first quarter] is largely due to improved market conditions, which we were able to fully benefit from, and stringent cost control,” Sergey Ivanov, Alrosa’s CEO, said Wednesday.
Last year, Ivanov announced plans to reduce the Russian miner’s expenses through improved efficiency and cost-cutting techniques.