Cairo – Mubasher: Ezz Steel, Egypt's largest steelmaker, on Monday reported a 69% year-on-year decline in consolidated losses for the first nine months of 2018.
Net loss amounted to EGP 333.05 million during the January-September period of this year, versus EGP 1.077 billion in the prior-year period, the company said in a statement to the Egyptian Exchange (EGX).
In the third quarter of this year, losses surge by 354% year-on-year to EGP 476.7 million, versus EGP 107 million.
Sales rose to EGP 37.44 billion at the end of September, versus EGP 29.35 billion in the comparative period of 2017.
At the level of standalone business, the company turned to profitability with EGP 114.9 million in profits, against a net loss of EGP 731.73 million in the year-ago period.
Ezz Steel previously posted it turned profitable for the first half of 2018, recording EGP 143.7 million in profits, against a loss of EGP 970.2 million in the prior-year period.
Sales grew to EGP 25.5 billion in the six-month period ended June, versus EGP 17.5 billion in the same period of 2017.
