Russia's diamond monopoly Alrosa posted a 42 percent increase year on year in its first quarter IFRS net profit to 12.040 billion rubles ($431.54 million), the company said on Wednesday.
Alrosa's revenues in the first three months of 2011 fell 5 percent to 29.6 billion rubles from 31.082 billion rubles the previous year, the company said in a statement.
The company's adjusted EBITDA in the first quarter jumped 78 percent to 14,072 billion rubles, while operating profit grew 25 percent to 12.732 billion rubles.
The average price of rough diamonds sold by the company hit $102 per carat, 34 percent higher than the $76 per carat in the same period last year.
Alrosa's net debt fell 13 percent to 86.892 billion rubles, while short-term debt dropped 86 percent to 12.266 billion rubles.
The company's diamond output in January-March 2011 rose 16 percent to 10 million carats, while sales fell 28 percent to 9.1 million carats.
"In the first quarter of 2010 Alrosa's sales in terms of volume were higher year-on-year due to the sale of inventories accrued in 2009," the company said.
