Cairo – Mubasher: Al Ezz Dekheila Steel – Alexandria announced turning to losses during the first half of 2019, the company’s consolidated financial statements showed.
The company incurred net losses of EGP 1.258 billion in the six-month period ended 30 June, versus net profits of EGP 902.963 million in the year-ago period, according to a filing to the Egyptian Exchange (EGX) on Wednesday.
Meanwhile, the company’s cost of sales rose by 15.01% year-on-year to EGP 21.155 billion in H1-19 from EGP 18.394 billion in H1-18.
As for H1-19 standalone financials, Al Ezz Dekheila Steel – Alexandria posted net losses of EGP 29.641 million, against net profits of EGP 1.611 billion in the corresponding period a year earlier.
It is noteworthy that during the first quarter of 2019, the EGX-listed firm turned to net losses of EGP 611.02 million, compared to profits of EGP 431.78 million in Q1-18.
