World's Major Diamond Producer Expects 2-3-fold Increase in Net Profit

Russia's Alrosa, one of the largest diamond producers in the world, expects its net profit to increase 2-3-fold in 2016 against last year, the company’s president Andrey Zharkov said on Monday in an interview with Rossiya 24 TV channel.

"Net profit, I think, will be 2-3 times higher than last year," he said.

In 2015, net profit of Alrosa amounted to 32.2 bln rubles ($517.73 mln) compared to a net loss of 16.8 bln rubles ($270.12 mln) in 2014.

According to Zharkov, the reserves of the company at the end of 2016 will decline in the range of 5-6%.

"At the end of this year the reserves will decline, I think, in the range of 5-6% against the results of last year," he said.