Cairo – Mubasher: Egypt Aluminum announced it is likely to log profits of EGP 107 million during fiscal year 2019/2020.

The aluminum maker amended its estimated budget scheme for the coming fiscal year after electricity is priced at EGP 1.11 kilowatt per hour (KwH), according to a statement to the Egyptian Exchange (EGX) on Monday.

In March, the Egyptian firm expected to turn to losses of EGP 341.96 million in FY19/20, versus an estimated profit of EGP 601.36 million in FY18/19.

During the six-month period ended 31 December, Egypt Aluminum’s net profits declined to EGP 758.3 million from EGP 1.15 billion in the year-ago period.