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Ezz Steel incurs EGP 1.09bn loss in FY17

Ezz Steel incurs EGP 1.09bn loss in FY17
Standalone losses surged to EGP 877.06 million in 2017
Ezz Steel
ESRS
1.10% 59.91 0.65

Cairo – Mubasher: The consolidated financial statements of Ezz Steel showed that the company has turned unprofitable in 2017 with EGP 1.09 billion in losses, compared to EGP 560.15 million in profits a year earlier, including minority shareholders’ rights.

Sales increased to EGP 41.7 billion last year, up from EGP 23.18 billion a year earlier, the company said in a filing to the Egyptian Exchange (EGX) on Thursday.

On the other hand cost of finances (COF) climbed to EGP 3.1 billion last year, up from EGP 714.2 million in 2016.

Meanwhile, standalone losses surged to EGP 877.06 million in 2017, compared to EGP 591.4 million in the year before.

Ezz Steel had previously posted a net loss of EGP 1.07 billion in the first nine months of 2017, versus EGP 744.17 million in the same nine-month period of 2016.