Cairo – Mubasher: Ezz Steel reported turning into losses during the first quarter of 2019, according to the company’s consolidated financial results.

The steelmaker incurred net losses of EGP 1.27 billion in the three-month period ended 31 March, versus profits of EGP 184 million in the prior-year period, according to a statement to the Egyptian Exchange (EGX) on Sunday.

Year-on-year, sales edged up to EGP 12.61 billion from January to March, compared to EGP 12.6 billion.

Meanwhile, financing costs rose to EGP 1.16 billion in Q1-19 from EGP 1 billion in Q1-18.

As for non-consolidated business, Ezz Steel’s net losses hiked by 97%, logging EGP 369.32 million in the January-March period of 2019, compared to EGP 187.41 million in the corresponding period in 2018.  

For the full-year 2018, the company’s net losses retreated to EGP 1.02 billion from EGP 1.09 billion in the previous year.

Sales grew to EGP 49.16 billion last year, compared to EGP 41.74 billion in 2017.