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Egypt Aluminum swings to loss in FY19/20 initial financials

Egypt Aluminum swings to loss in FY19/20 initial financials
Revenues amounted to EGP 7.25 billion from July 2019 until the end of last June
Egypt Aluminum
EGAL
-0.17% 11.65 -0.02

Cairo – Mubasher: The unaudited financial results of Egypt Aluminum showed a turn to net losses of EGP 993.77 million during fiscal year 2019/2020, versus net profits of EGP 570.93 million a year earlier.

In addition, the company’s revenues shrank to EGP 7.25 billion in the 12-month period ended on 30 June from EGP 12.18 billion in FY18/19, according to a bourse filing on Tuesday.

The negative turn in the annual financials was ascribed to an increase in electricity fees and other production costs, in addition to a sharp decline in the basic price of aluminium on the London Metal Exchange, as well as the recent depreciation of the US dollar against the Egyptian pound, and the exit of large investments.

During the first nine months of FY19/20, Egypt Aluminum suffered net losses of EGP 1.019 billion, against net profits of EGP 715.8 million in the year-ago period.