Yakutia-based diamond mining company ALROSA,  reported that its net profit, including that of its subsidiary Alrosa-Nyurba, fell to $113 million in 2008, down from profits of $423 million in 2007.

ALROSA produced $1.8 billion in diamonds — $2.4 billion when Alrosa-Nyurba is factored in. Sales totaled $2.9 billion, including $2.3 billion by ALROSA and $596 million from Alrosa-Nyurba. ALROSA sold $2.2 billion in rough and $158 million in polished during the year. ALROSA has been selling diamonds only to the state-run Gokhran since December 2008.

ALROSA cut its production, sales and profit targets for 2009 this week. Under the revised figures, ALROSA is aiming for total sales revenues, including that from Alrosa-Nyurba, of $2.8 billion and for net profit to be $65.1 million.

Credit is given to Rapaport by DiamondTopics.com (Cached News)