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ALROSA

August 25, 2004

ALROSA H1 net profit down due to late Gokhran transaction registration

Moscow, August 25, 2004. Interfax – Alrosa Co. Ltd. posted 9% lower net profit (RUR 4.9 billion) as compared to the same period in 2003 for technical reasons, due to the fact that the proceeds from its rough sales to Gokhran were received in August, not in H1, Olga Lyashenko, Chief Accountant for ALROSA, said to Interfax.

According to Mrs. Lyashenko net profit turned out some RUR 700 million down compared with the target. It is due to a late receipt of the payment for ALROSA-Nyurba rough sales amounting to RUR 1.3 billion.

Early in August ALROSA sold to Gokran 624 thousand carats of rough diamonds for $ 42.5 million. The parties had agreed on the deal long before that and Gokhran had contracted to buy ALROSA-Nyurba diamonds. ALROSA had expected to receive the payment in June. However it came only in the first week of August, said Mrs. Lyashenko.

The expected profit was automatically transferred to H2. If the transaction had been registered in the reported period, the company would have net profit of some RUR 600 million above the target figure. The net profit from core product sales would amount to RUR 6.2 billion, as compared to 5.4 billion RUR in the same period last year, ALROSA’s Chief Accountant noted.

As was previously reported, compared with the same period in 2003 ALROSA net profit is 9% down (RUR 4.9 billion), its before taxation profit is 4% down (RUR 6.71) billion, its sales revenues are 8% down (RUR 8.9 billion).

In spite of that, ALROSA H1 sales revenues (including those of ALROSA-Nyurba) amounted to $ 1 billion 51.5 million compared with $ 785.3 million in the same period last year. Revenues from polished diamond sales in H1 amounted to $ 65.4 million as compared to $ 61.1 million in the previous year.

ALROSA is one of the world's major diamond producers accounting for 23% of the global diamond output. In 2003 ALROSA Group produced $ 1649 million of rough diamonds. Its total sales revenues last year reached $ 1821 million, including $123.4 million from polished diamond sales. The production target for 2004 is $ 1856 million of rough.

ALROSA's major shareholders are the former Ministry of Property of the RF (37%), Ministry for Management of State Property of the Republic of Sakha (32%), ALROSA employees (23%). Another 8% are altogether owned by 8 uluses (municipalities) in Sakha.

 

 

 

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