Cairo – Mubasher: The Egyptian Iron and Steel (Hadisolb) reported a 47.5% year-on-year rise in its net losses during the first nine months of fiscal year 2019/2020, initial results showed.

The steel manufacturer incurred net losses of EGP 783.847 million from July 2019 to the end of last March, compared to EGP 531.28 million in the year-ago period, according to a bourse disclosure on Sunday.

Revenues slid to EGP 859.35 million in the nine-month period ended on 31 March from EGP 928.04 million in the corresponding period a year earlier.

It is worth noting that during the first half of FY19/20, the company’s sales sank to EGP 362.77 million from EGP 640.89 million in H1 of FY18/29.