Cairo – Mubasher: Egypt Aluminum turned to net losses of EGP 1.638 billion in fiscal year 2019/2020, against net profits of EGP 570.93 million a year earlier, the modified unaudited financial results showed.

The company’s revenues slid to EGP 7.25 billion in FY19/20 from EGP 12.18 billion in FY18/19, according to a bourse disclosure on Thursday.

The negative turn in the annual financials was attributed to a rise in electricity fees and other production costs, in addition to a steep fall in the basic price of aluminium on the London Metal Exchange as well as the exit of large investments and the impact of the coronavirus (COVID-19) pandemic on the company’s investments.

The board of directors recommended the allocation of EGP 1.67 billion from retained earnings and statutory reserves to cover the company’s losses.

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.