Cairo – Mubasher: Ezz Steel reported a 1,225% year-on-year surge in its net losses during the first nine months of 2019, the company’s consolidated financial statements showed.

Net losses widened to EGP 4.32 billion during the January-September period, compared to EGP 326.05 million in the year-ago period, including minority shareholders’ rights, the company said in a filing to the Egyptian Exchange (EGX) on Thursday.

As for standalone business, the steel manufacturer turned to losses of EGP 847.96 million during the nine-month period ended 30 September, against net profits of EGP 121.8 million in the corresponding period a year earlier.

It is noteworthy that during the first half of 2019, the company reported net losses of EGP 2.46 billion, versus net profits of EGP 148.5 million in the prior-year period, including minority shareholders’ rights.

Meanwhile, sales increased to EGP 25.9 billion in H1-19, compared to EGP 25.4 billion in H1-18.