Alrosa sees coronavirus impact lingering after Q1 profit slide

Russian diamond producer Alrosa reported an 87% slide in first-quarter net profit on Friday and said its future results were likely to suffer from the impact of the coronavirus outbreak on sales.

Net profit fell to 3.1-billion roubles in the first three months of the year, it said, hurt by the revaluation of its foreign currency debt.

Sales at Alrosa, the world’s largest producer of rough diamonds, have also been hit by the pandemic which has caused a slump in global demand for precious stones since March.