Interfax reported that Russia's Alrosa posted a net loss of RUB 1.969 billion in the Q1 of 2009.

The company blamed the negative result on higher interest expenses and "a substantial increase in the exchange rate loss."

Alrosa posted a net profit of RUB 112.57 million in the Q1 last year.

According to the report Alrosa, including Alrosa-Nurba saw net profit fall to RUB 3.78 billion in 2008 down from the profit of RUB 14.13 billion in 2007. The company extracted diamonds totaling USD 1.82 billion and sales totaled USD 2.93 billion. The management board approved the figures at a meeting on April 10th.

Alrosa plans to produce USD 1.87 billion in diamonds in 2009. It targets sales totaling USD 2.1 billion.

Alrosa and De Beers agreed in the fall of 2008 to limit deliveries to the market in order to support prices. Since December Alrosa has only sold diamonds to state-run Gokhran.

(Sourced from Interfax)