Cairo – Mubasher: The unaudited financial results of the Egyptian Iron and Steel (Hadisolb) showed net losses of EGP 274.48million during the first quarter (Q1) of fiscal year 2020/2021, down by 25.4% year-on-year (YoY) from EGP 367.8 million.

The steel manufacturer’s sales fell to EGP 237.72 million in the July-September period from EGP 280.31 million in the prior-year period, according to a bourse disclosure on Tuesday.

The company said that the flotation of the Egyptian pound exchange rate has led to increasing the prices of production requirements such as coke as well as energy prices.

During FY19/20, Hadisolb incurred net losses of EGP 982.83 million, down from EGP 1.52 billion a year earlier.