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Alrosa's Q1'19 profit plunges on lower diamond revenue

Falling sales hit PJSC Alrosa's first-quarter revenue, reducing net profit 27% year over year to 24.1 billion Russian rubles, the diamond miner reported May 17.

Alrosa's revenue fell also 27% on a yearly basis to 70.5 billion rubles as sales volumes declined 21% to 10.6 million carats, with gem quality diamond sales falling 22% to 7.9 million carats. Nevertheless, revenue was 15% higher than the previous quarter when the company generated 61.4 billion rubles.

Meanwhile, diamond production was down 24% quarter over quarter at 7.8 million carats, mainly as a result of lower output from the state-owned miner's International and Aikhal underground mines and the Jubilee pipe.

EBITDA sank 34% year over year to 31.4 billion rubles.

Free cash flow plummeted 37% on an annual basis to 25.9 billion rubles thanks to a 20% fall in capital expenditure to 3.9 billion rubles.

As of May 16, US$1 was equivalent to 64.43 Russian rubles.