Cairo – Mubasher: The consolidated financial statements of Ezz Steel showed that Egypt's largest steelmaker turned a profit for the first quarter of 2018, helped by an increase in sales.

Profits amounted to EGP 184.27 million in Q1-18, against a loss of EGP 492.8 million in Q1-17, according to the company’s statement to the Egyptian Exchange (EGX) on Wednesday.

Sales grew to EGP 12.6 billion in the three-month period ended 31 March 2018, compared to EGP 8.1 billion in the comparative period of 2017.

Meanwhile, the standalone financial indicators of the Egypt-based steel manufacturer showed a loss of EGP 187.4 in Q1-18, versus EGP 240.7 million in Q1-17.

For the full-year 2017, Ezz Steel’s losses reached EGP 1.09 billion, compared to a profit of EGP 560.15 million in the year before.