Russian diamond miner Alrosa posted surging revenue for the first half of 2016 – jumping 42% on the year to $2.88 billion.
Earnings before interest, taxes, depreciation, and amortization soared 58% higher on the year-earlier period to $1.72 billion, the miner reported.
The company said that net income doubled on the year-earlier period to $1.40 billion.
“The company’s H1 financial results were affected by the moderately steady diamond market and ruble depreciation against US dollar compared to H1 2015," said Alrosa CEO Andrey Zharkov. "Alrosa maintains a conservative outlook on the diamond market and executes permanent costs control.”
In August, Alrosa reported that diamond output in the first half of 2016 was down 6% on the year to 16.9 million carats.
