Executive Board of Russian diamond maker ALROSA Co Ltd held its regular meeting under the chairmanship of ALROSA President Alexander Nichiporuk in Moscow held on 17th November 2005.
The Board discussed the operational and financial results for the nine months of 2005.
The gross revenue amounted to RUR 55 billion 686.9 million (16.2 Percent more compared with the same period in 2004). Rough diamond production amounted to USD 1 billion 292.2 million (3.9 Percent more compared with the nine months of 2004).
Core product sales amounted to USD 1 billion 752.91 million (18.2 Percent more compared with the same period in 2004), including rough diamond sales of USD 1 billion 644.7 million (18.8 Percent growth compared with the same period in 2004), polished diamond sales of USD 108.21 million (10.3 Percent growth).
In January-September 2005 the share of the domestic market sales shrank, with the decrease of supply of rough diamonds that are uneconomic to cut in Russia and as such not in demand with Russian manufacturers. At the same time the quality of the goods sold domestically improved.
Net profit for nine months amounted to RUR 10 billion 645.6 million (12.5 Percent more compared with the same period in 2004).
The exploration targets for all major directions were attained. Self-financing of exploration by ALROSA amounted to RUR 1 billion 438.1 million (35.3 Percent more than in 2004). RUR 1 billion 799.7 million was spent by the Company on technical modernisation and re-equipment.