Cairo – Mubasher: The unaudited financial results of the Egyptian Iron and Steel  (Hadisolb) showed a 106% year-on-year increase in its net losses during the first quarter of fiscal year 2019/2020.

Net losses widened to EGP 367.8 million during the July-September period, compared to EGP 178.14 million in the prior-year period, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, sales retreated to EGP 253.4 million in the three-month period ended 30 September from EGP 261.22 million in the corresponding period a year earlier.

It is noteworthy that during FY18/19, the company incurred net losses of EGP 1.526 billion, compared to EGP 899.61 million in the previous fiscal year.