ALROSA reports H1 IFRS results.
H1 2014 ALROSA revenue increased by 27% y-o-y and reached RUB 104.8 bn. EBITDA grew by 34% y-o-y and reached RUB 47.3 bn. EBITDA margin increased to 45%. H1 2014 net profit amounted to RUB 23.1 bn, up 58% y-o-y.
Fyodor Andreev, ALROSA CEO, commented, “In H1 2014, the Company delivered its best results ever. One of the drivers behind this outstanding performance was the market environment, with the Russian ruble weakening against the dollar as the key contributor to the revenue growth. To capture the benefits of the ruble devaluation, the Company engaged in additional diamond sales from inventories as a way to improve the Group’s cash flow position and, specifically, to generate additional liquidity for Eurobonds redemption in Q4 2014.”