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Al Ezz Dekheila Steel swings to losses in H1

Al Ezz Dekheila Steel swings to losses in H1
The company’s cost of sales rose to EGP 21.155 billion
Al Ezz Dekheila Steel
IRAX
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Cairo – Mubasher: Al Ezz Dekheila Steel – Alexandria announced turning to losses during the first half of 2019, the company’s consolidated financial statements showed.

The company incurred net losses of EGP 1.258 billion in the six-month period ended 30 June, versus net profits of EGP 902.963 million in the year-ago period, according to a filing to the Egyptian Exchange (EGX) on Wednesday.

Meanwhile, the company’s cost of sales rose by 15.01% year-on-year to EGP 21.155 billion in H1-19 from EGP 18.394 billion in H1-18.

As for H1-19 standalone financials, Al Ezz Dekheila Steel – Alexandria posted net losses of EGP 29.641 million, against net profits of EGP 1.611 billion in the corresponding period a year earlier.

It is noteworthy that during the first quarter of 2019, the EGX-listed firm turned to net losses of EGP 611.02 million, compared to profits of EGP 431.78 million in Q1-18.