Cairo - Mubasher: Egyptian Iron and Steel Company (HADISOLB) said that the actual cost for its development projects during fiscal year 2016/2017 amounted to EGP 160.64 million.
The company said in a statement to the Egyptian Exchange (EGX) that the first project included a shipping sling with an actual cost of EUR 1.79 million (EGP 37.28 million), with its work set to be completed by 30 June 2018.
The company is also conducting a feasibility study on two phases with investments totalling GBP 87,750 (EGP 2.08 million) in order to offset the company’s losses, and it is set to be finished by October.
The company’s modified financial indicators showed a 21.9% year-on-year rise in losses for FY16/17, to EGP 750.26 million, compared to EGP 615.5 million in the prior fiscal year, the firm said in a bourse filing on Wednesday.
Sales cost increased to EGP 2.58 billion in FY16/17, versus EGP 2.3 billion in FY15/16.
The financial indicators of the company had previously recorded losses of EGP 744.68 million in FY16/17, from EGP 615.55 million in FY15/16.
