Cairo – Mubasher: Egypt Aluminum on Monday said it is likely to turn to losses in fiscal year 2019/2020 on a yearly basis.

The company is expected to incur EGP 341.96 million in losses for FY19/20, versus an estimated profit of EGP 601.36 million in FY18/19, according to a statement to the Egyptian Exchange (EGX).

Moreover, the company will spend around EGP 300 million on the development and upgrade of some projects in FY19/20.

In January, Egypt Aluminum retorted a net profit of EGP 758.3 million in the six-month period ended December 2018, versus EGP 1.15 billion in the same period of FY17/18.