Cairo – Mubasher: Misr National Steel (Ataqa) announced succumbing to losses during the first half of 2019, dragged by the drop in sales.

Ataqa suffered losses of EGP 629,920 in the January-June period of 2019, against a profit of EGP 153.08 million in the year-ago period, according to a statement to the Egyptian Exchange (EGX) on Thursday.

Meanwhile, sales plunged to EGP 1.12 billion in the six-month period ended 30 June from EGP 2.17 billion in the corresponding period a year earlier.

As for the second quarter of 2019, the EGX-listed firm incurred losses of EGP 29.13 million, versus a profit of EGP 65.6 million in the prior-year period.

During Q1-19, Ataqa’s net profits amounted to EGP 28.5 million, compared to EGP 87.45 million in Q1-18.