Cairo – Mubasher: Egyptian Iron and Steel (HADISOLB) on Sunday announced plans to trim its losses to EGP 160.34 million in fiscal year 2019/2020.
The company plans to invest around EGP 105.3 million in development and upgrades, according to a statement to the Egyptian Exchange (EGX).
HADISOLB is also targeting the sale of 350,000 tonnes of its production in FY19/20, the statement added.
In January, HADISOLB reported a 51% increase in its losses for the first half of FY18/19 to EGP 348.28 million, versus EGP 231.3 million in the same period a year earlier.
Revenues fell to EGP 605.7 million in H1-18/19 from EGP 753.6 million in the corresponding six-month period of FY17/18.
