Cairo – Mubasher: Egyptian Iron and Steel (HADISOLB) on Sunday posted a 22.6% year-on-year rise in losses for the first half of fiscal year 2017/2018 due to lower revenues.
Net loss amounted to EGP 231.3 million in the six-month period ended December 2017, from EGP 188.7 million in the prior-year period, HADISOLB said in a statement to the Egyptian Exchange (EGX).
Revenues retreated to EGP 753.6 million in H1-17/18 from EGP 805.2 million in the same period last year.
The company’s financial indicators have shown an 18% year-on-year drop in losses to EGP 191 million from EGP 233.5 million in the first quarter of FY17/18 due to a growth in sales.
The Egyptian iron and steel company has achieved annual sales of EGP 1.19 billion in FY16/17, up from EGP 1.18 billion in the FY15/16.
By 2:03 pm Cairo time, HADISOLB’s stock inched up 0.11% to EGP 9.01.
