Cairo – Mubasher: The net losses of Egypt Aluminum narrowed by 42.7% year-on-year (YoY) to EGP 341.3 million in the first half (H1) of fiscal year 2020/2021, compared to EGP 595.7 million, the unaudited financial results showed.

Revenues increased to EGP 5.01 billion in the July-December period of 2020 from EGP 3.58 billion in the corresponding period a year earlier, the company said in a bourse disclosure on Wednesday.

The decline in losses was ascribed to the increased basic prices of aluminium and higher sales volume by 55,000 tonnes.

Earlier, Egypt Aluminum said that the cost of the planned upgrade process has not been determined yet, but it is estimated at EGP 13 billion.

During the first quarter (Q1) of fiscal year 2020/2021, the company reported net losses of EGP 150.9 million, down from EGP 277.8 million in the prior-year period.