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Ezz Steel suffers EGP 4.11bn loss in 9M

Ezz Steel suffers EGP 4.11bn loss in 9M
Net sales declined to EGP 26.45 billion in the January-September period
Ezz Steel
ESRS
-0.08% 59.21 -0.05

Cairo – Mubasher: The consolidated financial statements of Ezz Steel showed net losses of EGP 4.11 billion in the first nine months of 2020, down by 4.8% from EGP 4.321 billion in the year-ago period, including minority shareholders’ rights.

The company’s net sales declined to EGP 26.45 billion in the January-September period, compared to EGP 35.25 billion in the corresponding period a year earlier, according to a bourse disclosure on Tuesday.

As for standalone business, the steel manufacturer incurred net losses of EGP 634.15 million in the nine-month period ended 30 September, compared to EGP 847.96 million in the prior-year period.

During the first half (H1) of 2020, Ezz Steel suffered net losses of EGP 2.77 billion, up from EGP 2.46 billion in H1-19, including minority shareholders’ rights.