Cairo – Mubasher: Egypt Aluminum turned to losses during the first nine months of fiscal year 2019/2020, the unaudited financial results showed.
The company suffered net losses of EGP 1.019 billion from July 2019 to the end of last March, against net profits of EGP 715.8 million in the year-ago period, according to a disclosure to the Egyptian Exchange (EGX) on Thursday.
Meanwhile, the company generated EGP 5.57 billion in revenue in the nine-month period, down from EGP 9.94 billion in the corresponding period of FY18/19.
The negative turn in the company’s financials was attributed to an increase in electricity fees and other production costs, along with a steep fall in the basic price of aluminium on the London Metal Exchange, the recent depreciation of the US dollar against the Egyptian pound, and the exit of large investments.
It is noteworthy to mention that during the first half of FY19/20, the EGX-listed firm reported net losses of EGP 595.7 million, against net profits of EGP 758.3 million in the prior-year period.