Cairo – Mubasher: Egyptian Iron and Steel suffered an increase in losses of 124% for the first quarter of the fiscal year 2016/17.
The company’s losses amounted to EGP 233.6 million in Q1 – FY16/17, compared with EGP 104.1 million for the same period a year earlier.
The company noted that the first quarter of FY16/17 witnessed a slowdown in the production activity on the decline of the supplies of coke coal by nearly 40%.
Both the equipment’s obsolescence and the frequently breakdowns have contributed in reducing the production’s quantity and quality, said a bourse statement.
