Cairo – Mubasher: Egypt Aluminum Co. said it foresees a surge in its profits for the second quarter of 2016, supported by the continuous devaluation of the Egyptian pound against the US dollar as well as the recovery of the metal prices in the global markets.

The exchange rate of the US dollar against the Egyptian pound increased from EGP 7.72 to EGP 8.77 during the second quarter of 2016, which influenced the company positively as it turned to profitability after exporting around 56% of its production.

Egypt Aluminum suffered losses of EGP 57.71 million in the nine-month period ended 31 March 2016.