Cairo – Mubasher: Ezz Steel announced succumbing to losses during the first nine months of 2019, the company’s unaudited standalone financial results showed.
The steel manufacturer suffered net losses of EGP 848 million in the January-September period, against net profits of EGP 122 million in the prior-year period, according to a bourse filing on Monday.
The comparative figure for the nine-month period of 2018 was adjusted to EGP 122 million from EGP 114 million after applying accounting standard “9” related to financial leasing.
Meanwhile, the company’s sales dipped to EGP 5.51 billion in the nine-month period ended 30 September, compared to EGP 6.12 billion in the corresponding period of 2018.
It is noteworthy that the company’s consolidated financial statements for the first half of 2019 showed net losses of EGP 2.46 billion, against net profits of EGP 148.5 million in the year-ago period, including minority shareholders’ rights.
As for standalone business, Ezz Steel suffered net losses of EGP 576.2 million, versus net profits of EGP 228.3 million in H1-18.
