Cairo – Mubasher: Misr National Steel (Ataqa) reported a 67.4% year-on-year profit drop during the first quarter of 2019, pressured by lower sales.

Ataqa’s net profits retreated to EGP 28.5 million in Q1-19, compared to EGP 87.45 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

Meanwhile, sales plunged to EGP 508.26 million in the three-month period ended 31 March from EGP 1.01 billion in the same period a year earlier.

For the full-year 2018, Ataqa’s profits grew to EGP 174.9 million, compared to EGP 169.24 million in the previous year.