Top Stories
Russia diamond producer Alrosa’s annual net profit drops 15.2%
Global Banking & Finance Review®
Company
MOSCOW (Reuters) -Russia’s sanctions-hit diamond producer Alrosa on Wednesday reported 2023 net profit of 85.18 billion roubles ($925 million), down 15.2% from the previous year.
MOSCOW (Reuters) -Russia’s sanctions-hit diamond producer Alrosa on Wednesday reported 2023 net profit of 85.18 billion roubles ($925 million), down 15.2% from the previous year.
Turnover was up 9.2% at 322.6 billion roubles.
Group of Seven leaders agreed in December to ban non-industrial diamonds from Russia by January, and Russian diamonds sold by third countries from March.
The European Union added Alrosa, Russia’s biggest diamond producer, to its sanctions list in January as part of punitive measures it has imposed on Moscow over the war in Ukraine.
($1 = 92.0625 roubles)
(Reporting by Reuters; Editing by Alexander Smith)
Net profit is the amount of money a company has left after all expenses, taxes, and costs have been subtracted from its total revenue. It is a key indicator of a company's profitability.
Turnover refers to the total revenue generated by a company from its business operations during a specific period. It is an important measure of a company's sales performance.
Non-industrial diamonds are diamonds that are not used for industrial purposes, such as cutting or drilling. Instead, they are typically used in jewelry and luxury items.
Explore more articles in the Top Stories category
