Cairo - Mubasher: Ezz Steel’s losses declined by 16.3% year-on-year in the third quarter of 2017 on the back of sales growth, the company's financial statements showed on Thursday.

Losses decreased to EGP 107 million in the three-month period ended 30 September from EGP 127.9 million in Q3-16, according to a bourse filing.

On the flipside, the company’s sales increased to EGP 11.43 billion in Q3-17 versus EGP 5.9 billion in the same period last year.

During the first nine months of 2017, Ezz Steel’s losses levelled up to EGP 1.07 billion from EGP 744.17 a year earlier.

The company’s losses hiked to EGP 731.7 million in the first three quarters of 2017 from EGP 261.37 million in the same period last year, according to the company's standalone results.