Alrosa more than doubles second quarter profit

YAKUTSK. Russian diamond miner Alrosa increased net profit 140% to RUR8.4bn ($260.14mn, or €194.6mn) under IFRS in the second quarter due to the disposal of its 51% stake in the Timir iron ore project and lower foreign exchange losses.EBITDA grew 1% to RUR19.4bn with a margin of 45%, the company said in a statement.The diamond miner's profit over six months shrank 10% to RUR14.6bn ($452.15mn, or €338.3mn) due to foreign exchange losses and higher interest costs. EBITDA fell 1% to RUR32.5bn.Alrosa’s first half revenue grew 7% year on year and reached RUК82.3bn, driven by increased sales and improved demand for diamonds in the second quarter, the company said.Its diamond sales in the first six months of 2013 increased 5% year on year, to RUR74bn ($2.3bn, or €1.7bn). Alrosa noted an encouraging trend in the diamond markets in January-June, which resulted in a 7% growth of rough diamond prices since the beginning of 2013.