Cairo – Mubasher: The modified unaudited financial results of the Egyptian Iron and Steel (Hadisolb) showed net losses of EGP 982.83 million during fiscal year 2019/2020, down by 35% year-on-year (YoY) from EGP 1.52 billion.

Sales slumped to EGP 1.08 billion in the year ended 30 June from EGP 1.24 billion in FY18/19, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.

During the first nine months of FY19/20, the company reported net losses of EGP 783.847 million, up from EGP 531.28 million in the year-ago period.