Cairo – Mubasher: Egyptian Iron and Steel (Hadisolb) announced that its local sales dipped by 39.5% year-on-year during the first quarter of fiscal year 2019/2020.

Local sales retreated to EGP 179.93 million in the July-September period, compared to EGP 297.71 million in the year-ago period, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

As for the four-month period ended 31 October, the steel and iron manufacturing company generated EGP 316.12 million in revenue.

It is noteworthy that during FY18/19, Hadisolb incurred net losses of EGP 1.526 billion, compared to EGP 899.61 million in FY17/18.