Cairo – Mubasher: Egypt Aluminum said its estimated budget for the fiscal year 2016/17, reflects a year-on-year jump in net losses to EGP 227 million from an estimate of EGP 164 million.
The increase in losses was ascribed by the company to a sharp decline of metal prices on London Metal Exchange, as well as higher electric tariffs.
Earlier, Egypt Aluminum asked the government to link electricity prices with metal prices, as it did with aluminum raw material price with global metal prices.
Egypt Aluminum estimated budget for FY2016/17 based on the assumption that the U.S. dollar will be exchanged at EGP 8.7.
The firm posted EGP 43.7 million in losses in the first half of FY15/16, against profits of EGP 51.3 million for the same period of a year earlier.
