Cairo – Mubasher: The board of directors of Egypt Aluminum approved the planned budget for fiscal year 2020/2021.

The company expects EGP 1.47 billion in losses during the coming fiscal year, compared to an estimated EGP 1.42 billion in FY19/20, according to a statement to the Egyptian Exchange (EGX) on Sunday.

It is worth mentioning that during the first half of FY19/20, the company turned to net losses of EGP 595.7 million, versus net profits of EGP 758.3 million in the corresponding period a year earlier, on the back of higher electricity and other production costs.