Cairo – Mubasher: Egyptian Iron and Steel (HADISOLB) said the adjusted financial statements for the fiscal year ended 30 June 2016 have reflected losses of EGP 615,554 million.

The steel producer suffered losses of EGP 760,557 million for the previous fiscal year.

The adjustments have followed the Egyptian Exchange request that the listed firms that suffered losses for two consecutive years or whose owners equity have declined by more than 90% in respect to its operating capital shall adjust their financial indicators to align with these events.

HADISOLB financial statements before adjustments for the fiscal year ended 30 June 2016 have reflected losses of EGP 585.76 million, which accounts for nearly 60% of the company’s capital.