Cairo – Mubasher: Al Ezz Dekheila Steel – Alexandria announced succumbing into losses during the first quarter of 2019, according to the company’s consolidated financial results. 

The iron and steel company suffered net losses of EGP 611.02 million from January to March, against profits of EGP 431.78 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Sunday.

Year-on-year, Al Ezz Dekheila Steel’s sales rose to EGP 10.61 billion in the three-month period ended 31 March, compared to EGP 10.51 billion.

On the other hand, the cost of sales increased to EGP 10.35 billion in Q1-19 from EGP 9.15 billion in Q1-18.

As for standalone business, the company turned into losses of EGP 105.73 million in the January-March period of 2019, versus profits of EGP 713.3 million in the corresponding period a year earlier. 

For the full-year 2018, Al Ezz Dekheila Steel logged a profit of EGP 647.35 million, compared to EGP 362.4 million in 2017, including minority shareholders’ rights.