Diamond miner Alrosa's profit down 3% in first quarter

Russia-owned diamond miner Alrosa said Tuesday its first-quarter 2014 net profit had fell 3% to $177 million, year-on-year, due to higher foreign exchange losses.

The world's No.1 diamond company by output saw a big jump in revenue: up 43% to $1.6 billion, as a result of higher sales volume and the ruble weakening. Diamond sales were up 23% to a record 12.7 million carats.

The company said it had increased available bank loans and public debt instruments to $4.2 billion as of June 24 to create a liquidity source for the upcoming $500-million Eurobond repayment in the fourth quarter 2014.

More than half of the company’s sales were made in Belgium, while about 19% was sold within the Russian Federation. India accounted for approximately 15% of Alrosa’s sales, while Israel-based companies accounted for roughly 10%.