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Egypt Aluminum modifies FY18/19 budget estimates

Egypt Aluminum modifies FY18/19 budget estimates
Egypt Aluminum targets EGP 1.78 billion in profits for the coming FY
Egypt Aluminum
EGAL
-2.75% 93.36 -2.64

Cairo – Mubasher: Egypt Aluminum has adjusted its estimated budget for fiscal year 2018/2019 due to the fluctuated global prices on the London Metal Exchange (LME).

Egypt's largest aluminium producer targets EGP 1.78 billion in profits for the coming fiscal year, versus estimated profits of EGP 1.65 billion for FY17/18, according to a filing to the Egyptian Exchange (EGX) on Wednesday.

The EGX-listed company had previously said it targets EGP 1.209 billion in profits for FY18/19, in addition to investing EGP 392.482 million for the same period.