Cairo – Mubasher: Egyptian Iron and Steel (HADISOLB) on Wednesday reported higher losses in fiscal year 2016/2017 by 20.98% compared to the prior year.
HADISOLB’s losses amounted to EGP 744.68 million in the fiscal year ended 30 June 2017, up from EGP 615.55 million, according to a filing to the Egyptian Exchange (EGX).
The cost of sales rose to EGP 2.56 billion in FY16/17 compared to EGP 2.32 billion a year ago.
Earlier on Wednesday, the EGX announced suspending trades on HADISOLB’s stock pending important information by the board including the company’s financial results.
HADISOLB’s fiscal year begins on 1 July and ends 30 June the following year.
The iron and steel company last reported narrowing its losses by 7.5% in the nine-month period ended 31 March 2017 to EGP 441.7 million from EGP 477.6 million in the year-ago period.
Earlier this week, the Egyptian iron and steel firm said its sales increased slightly by 0.8% to EGP 1.19 billion in FY16/17 from EGP 1.18 billion last year.
HADISOLB’s stock closed Wednesday at a slight rise of 0.73% to EGP 4.14.
