Diamond sales sparkle as Alrosa boosts 1H 2011 net profit to 26.267 billion roubles

Russian diamond producer, Alrosa, has posted a 1H 2011 net profit of 26.267 billion roubles under IFRS.

The net result is a massive jump from the 1H 2010 net income of 5.015 billion roubles, with 1H adjusted EBITDA up 74.2% year on year to 35.867 billion roubles, with EBITDA margin up to a record 54%, as sales revenues climbed to 66.147 billion roubles from 64.392 billion roubles a year earlier.The company attributed the results to increased diamond sales with production expenses up 5%, while the production increased 10%.  Corporate debt fell by 11.8% to 99.302 billion roubles as operation efficiency rose.