Cairo – Mubasher: Egyptian Iron and Steel (HADISOLB) on Tuesday announced that its estimated budget for fiscal year 2018/2019 includes EGP 116.06 million in losses, according to a statement to the Egyptian Exchange (EGX).
The EGX-listed firm had previously said that it was seeking to trim its losses by 57.5% to EGP 170.4 million in the estimated audited budget for FY18/19, versus targeted losses of EGP 401.6 million in FY16/17.
The Egypt-based iron manufacturer also announced that it plans to raise sales to EGP 5.14 billion in FY17/18, as well as invest EGP 103.1 million this fiscal year to boost the efficiency of operation rates and production.
HADISOLB’s capital amounts to EGP 976.87 million distributed over 488.44 million at a par value of EGP 2 per share.
