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Ezz Steel losses surge 25% in Q2

Ezz Steel losses surge 25% in Q2
Ezz Steel losses surge 25% in Q2
Ezz Steel
ESRS
-0.08% 59.21 -0.05

Cairo – Mubasher: Ezz Steel on Tuesday posted a 25% year-on-year rise in losses for the second quarter of 2017, due to the cost of finance (COF).

The leading steel manufacturer’s losses amounted to EGP 477.36 in the three-month period ended June 2017, versus EGP 380.9 million in the prior-year period, the firm noted in a filing to the Egyptian Exchange (EGX).

The COF increased to EGP 697.5 million in Q2-17 from EGP 512.04 million in Q2-16.

Sales leaped to EGP 9.8 billion in Q2-17 from EGP 4 billion in the corresponding period of 2016.

Consolidated losses hiked to EGP 970.2 million in the first half of 2017, versus losses of EGP 616.25 million in H1-16.

The firm’s consolidated losses stood at EGP 492.9 million in the three-month period ended March 2017, compared to EGP 235.3 million in the year-ago period, including minority shareholders' rights.

Ezz Steel’s standalone losses jumped to EGP 519.7 million in H1-17 from EGP 108.17 million in H1-16.