Alrosa quarterly revenue falls 34 per cent

Alrosa, the sanctioned Russian diamond miner, saw quarterly revenue fall 34 per cent year-on-year in the three months to 30 June to $680m. However half-yearly revenue was down by a relatively modest 4 per cent, indicating that the bulk of the lost sales were during Q2.

Gross profit for the period almost halved - down 49 per cent to $266m - according to the company's newly-published Condensed Consolidated Interim Financial Statements.

Alrosa has been subject to increasingly strict sanctions by the G7 and EU nations since January of this year in response to its invasion of Ukraine in February 2022 and the ongoing war.

The state-controlled miner acknowledged that "the sanctions pressure on the company and the increased volatility in the markets are the factors that may affect its ability to continue as a going concern in the future", though not in the immediate future. For more Updates Do follow us on Social Media

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