ALROSA signed a contract with CJSC Russian Funds to sell its 19.9% stake in Financial Investment Company Interfinance for RUB 8.9 million. ALROSA informed.
The transaction is in line with ALROSA's non-core assets disposal program.
The core businesses of Financial Investment Company Interfinance involve management of non-government pension funds and pension savings as well as asset management services for individual and corporate clients.
OJSC ALROSA (tax number: 1433000147) is one of the largest diamond-mining companies of the world accounting for 97% of all diamonds of the Russian Federation and about 25% of the global diamond production. The company includes the unified marketing company United Selling Organization ALROSA, Brillianty ALROSA, Aikhal Mining and Processing Division, Mirny Mining and Processing Division, Udachny Mining and Processing Division and Nyurba Mining and Processing Division.
IFRS net profit of ALROSA for Q1 2014 decreased by 3% to RUB 6.1 billion. Revenue went up 43% to RUB 56.3 billion mainly due to the growing sales of diamonds (in carats) and the ruble depreciation vs. the US dollar. EBITDA increased 1.6-fold to RUB 26.1 billion, EBITDA margin to 46%. FCF grew 2.5-fold to RUB 20.1 billion.
According to the DataCapital information retrieval system, RAS net profit of ALROSA for H1 2014 grew by 58.95% to RUB 24.174 billion from RUB 15.209 billion the year before. Revenue increased by 19.91% to RUB 81.551 billion from RUB 68.01 billion, sales profit by 43.37% to RUB 37.211 billion from RUB 25.955 billion, pre-tax profit by 63.32% to RUB 31.249 billion from RUB 19.134 billion.