Cairo – Mubasher: The board of directors of the Egyptian Iron and Steel (Hadisolb) approved the amended planed budget for fiscal year 2019/2020.
The company aims to cut losses to EGP 275.57 million in the coming fiscal year, compared to estimated losses of EGP 1.01 billion in FY19/20, according to a bourse disclosure on Sunday.
Earlier, the company revealed plans to slash its losses to EGP 388 million in FY20/21 from EGP 1.526 billion in FY18/19.
In addition, Hadisolb plans to inject EGP 50 million in new investments for renovation and replacement processes.
It is noteworthy to mention that during the first eight months of FY19/20, the steel manufacturer generated EGP 433.449 million in local sales, compared to EGP 821.13 million in the year-ago period.
During the first nine months of FY19/20, Hadisolb’s revenues reached EGP 731.65 million.
