Cairo – Mubasher: The consolidated financial statements of Al Ezz Dekheila Steel – Alexandria showed a 77% year-on-year (YoY) increase in its net losses to EGP 1.08 billion in the first quarter (Q1) of 2020 from EGP 611.02 million, including minority shareholders’ rights.

The company’s sales fell to EGP 9.14 billion in the January-March period from EGP 10.6 billion in the corresponding period a year earlier, according to a bourse disclosure on Tuesday.

The standalone financial results showed net losses of EGP 287.9 million in Q1-20, up from EGP 105.7 million in Q1-19.

It is worth mentioning that during 2019, the steel manufacturer suffered net losses of EGP 4.64 billion, against net profits of EGP 647.35 million in 2018.