Cairo – Mubasher: Egypt Aluminum announced that the government’s decision to reduce energy prices for factories will cut down the company’s production costs.

The company consumes 5 billion kilowatts (kW) of electricity and 30 million cubic metres of natural gas, according to a bourse statement on Thursday.

The Egyptian government lowered the price of natural gas for the industrial sector to $4.50 from $5.5 per 1 MMBtu and the price of electricity per kilowatt hour (kWh) by EGP 0.10.

It is noteworthy that during the first half of FY19/20, the company turned to net losses of EGP 595.7 million, against net profits of EGP 758.3 million in the year-ago period.