Alrosa posts 240 pct net profit growth in 2010

MOSCOW, May 25 (RIA Novosti) – Russia’s diamond monopoly Alrosa’s 2010 IFRS net profits shot up by 240 percent year on year to 11.788 billion rubles ($421 million), the company said late on Tuesday.

Revenue increased 45 percent to 113.394 billion rubles last year. EBITDA rose 82 percent to 34.814 billion rubles, while adjusted EBITDA margin grew to 31 percent from 25 percent in 2009.

Operating profit stood at 27.138 billion rubles in 2010, a 16 percent growth year on year.

Net debt decreased to 97.829 billion rubles last year from 112.858 billion rubles in 2009, Alrosa said in a statement.

Alrosa, which accounts for a quarter of the world’s raw diamond sales, boosted production by 5 percent to 34.3 million carats, while diamond sales grew to 39.5 million carats from 26.2 million carats. 

The company’s reserves are estimated at 1.6 billion tons of ore with diamond content of 1.3 billion carats.

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