MOSCOW, May 6 (RIA Novosti) - Russia's largest diamond producer Alrosa [RTS: ALRS] said on Tuesday its net profit calculated to Russian Accounting Standards fell 37.5%, year-on-year, in the first quarter to 1.156 billion rubles ($49 million).
Alrosa, which accounts for 97% of Russian and 25% of global diamond output, attributed its first-quarter net profit decline to planned decreases in sales, the sharp depreciation of the U.S. dollar to the ruble, traditionally low demand for crude diamonds at the beginning of the year and increased production costs due to rising inflation.
The company's net profit for 2007 declined 9.28%, year-on-year, to 14.133 billion rubles ($597 million), Alrosa said, without specifying the reasons for the profit drop.
