Cairo – Mubasher: The consolidated financial statements of Al Ezz Dekheila Steel – Alexandria showed a 97% year-on-year drop in losses for the second quarter of 2017 due to higher sales.

The company’s losses reached EGP 10.07 million in the three months ended June 2017, versus EGP 381.9 million in the prior-year period, the firm said in a filing to the Egyptian Exchange (EGX).

Sales leaped 199.6% to EGP 8.09 billion in Q2-17 from EGP 2.7 billion in Q2-16.

At the level of the first half of 2017, consolidated losses retreated to EGP 78.9 million, compared to EGP 555.6 million in H1-16.

Standalone profits amounted to EGP 716.9 million in H1-17 from EGP 490.7 million in H1-16.

Al Ezz Dekheila's consolidated losses stood at EGP 68.86 million in the three months ended March 2017, versus EGP 173.7 million in the corresponding period last year.