Cairo – Mubasher: Ezz Steel announced turning to losses during the first half of 2019, the company’s consolidated financial statements showed.

The Egyptian firm suffered net losses of EGP 2.46 billion during the six-month period ended 30 June, against net profits of EGP 148.5 million in the year-ago period, including minority shareholders’ rights, according to a filing to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, sales rose to EGP 25.9 billion in H1-19 from EGP 25.4 billion in H1-18.

As for the second quarter of 2019, the iron and steel manufacturing firm incurred net losses of EGP 1.19 billion, compared to EGP 38.18 million in Q2-18.

At the level of H1-19 standalone results, Ezz Steel logged net losses of EGP 576.2 million, versus net profits of EGP 228.3 million in the corresponding period a year earlier.

It is noteworthy that during Q1-19, the EGX-listed firm reported net losses of EGP 1.27 billion, against net profits of EGP 184 million in Q1-18.