Cairo – Mubasher: The unaudited consolidated financial results of Ezz Steel showed a 20% year-on-year (YoY) drop in its net losses to EGP 860 million during the first quarter (Q1) of 2020 from EGP 1.08 billion, including minority shareholders’ rights.

The company’s net losses after taxes amounted to EGP 1.35 billion in Q1-20, up from EGP 1.27 billion in Q1-19, according to a bourse disclosure on Tuesday.

Meanwhile, the steel manufacturer’s sales retreated to EGP 10.78 billion in the January-March period from EGP 12.6 billion in the year-ago period.

As for standalone business, the company suffered net losses of EGP 267 million in Q1-20, down from EGP 370 million in Q1-19.

It is worth mentioning that during 2019, Ezz Steel incurred net losses of EGP 7.9 billion, up from EGP 1.02 billion in 2018.