(MENAFN) Russia's Alrosa, the world's top diamond producer, said its profits dipped by 44 percent in the January-September period on plunging value of the ruble, AFP reported.
The company's net profit in the first nine months of the current year fell by 44 percent to USD277 million, the Russian state-owned company said in a statement.
The group, which extracts diamonds in far northern Russia, said it suffered increased foreign exchange losses as the fall in the ruble forced it to revalue its dollar-denominated debt.
The Russian ruble has this year lost around a third of its value against the dollar as Russia faces Western sanctions over Ukraine and falling oil prices.
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