Cairo – Mubasher: Egyptian Iron and Steel’s (HADISOLB) annual losses shrank to EGP 585.76 million for the period ended on 30 June, compared with EGP 760.5 losses a year earlier, according to a bourse filing.

Revenues for the fiscal year 2015/16 reached EGP 1.44 billion, thus inching down from 1.5 billion registered in 2014/15.

No longer required provisions pared part of the annual losses as the company save EGP 23.5 million compared with EGP 4.06 million last year.

Losses on exchange rate differentials reached EGP 23.5 million, while it was EGP 4.06 million a year earlier.

By 12:48pm Cairo time, the stock quote was 1.76% higher to EGP 6.35 on Monday.