Cairo – Mubasher: The unaudited financial results of Egyptian Iron and Steel (Hadisolb) showed a 37% year-on-year rise in its net losses during the first half of fiscal year 2019/2020.
Net losses widened to EGP 478.18 million during the six-month period ended 31 December 2019, compared to EGP 348.28 million in the prior-year period, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.
In the meantime, the company’s revenues declined to EGP 583.25 million in H1 of FY19/20 from EGP 605.72 million in the corresponding period of FY18/19.
It is noteworthy that during the first quarter of FY19/20, Hadisolb incurred net losses of EGP 367.8 million, compared to EGP 178.14 million in the same period a year earlier.
