Alrosa posts 1Q 2011 net income of 12.040 billion roubles

Russian diamond producer, Alrosa, has posted a 1Q 2011 net income of 12.040 billion roubles under IFRS.

The net result is up 42% year on year from the 1Q 2010 net income of 8.465 billion roubles, with 1Q adjusted EBITDA up 78% year on year to 14.072 billion roubles, as 1Q revenues eased 5% year on year to 29.6 billion roubles.The company said the results reflected a 28% reduction in diamond sales volumes, offset by an increase in diamond sales prices, with 1Q 2011 diamond production increasing 16% year on year.