Cairo – Mubasher: Egyptian Iron and Steel (HADISOLB) on Thursday reported a 3.1% year-on-year decline in losses for fiscal year 2017/2018.

Net loss amounted to EGP 726.3 million in FY17/18, versus EGP 750.26 million in FY16/17, HADISOLB said in a statement to the Egyptian Exchange (EGX).

Sales rose to EGP 1.57 billion in the fiscal year ended June, from EGP 1.5 billion a year earlier.

It is worth noting that HADISOLB recorded local sales of EGP 1.07 billion for the 10-month period ended April.