Cairo – Mubasher: The adjusted unaudited financial results of the Egyptian Iron and Steel (Hadisolb) showed a 69.7% year-on-year increase in its losses during fiscal year 2018/2019.

Hadisolb suffered net losses of EGP 1.526 billion during the twelve-month period ended 30 June, compared to EGP 899.61 million a year earlier, according to a statement to the Egyptian Exchange (EGX) on Monday.

Sales plunged to EGP 1.24 billion in the last fiscal year from EGP 1.62 billion in FY17/18.

It is noteworthy that during July and August, the iron and steel manufacturer generated EGP 187.86 million in revenues.