Cairo – Mubasher: Egypt Aluminum suffered net losses of EGP 347.72 million in the first nine months of fiscal year (FY) 2020/2021, down by 65.9% year-on-year (YoY) from EGP 1.02 billion, the unaudited financial results showed.

The revenues increased to EGP 8.14 billion in the nine-month period ended 31 March, compared to EGP 5.57 billion in the corresponding period a year earlier, the company said in a bourse disclosure on Tuesday.

The decline in losses was attributed to the increased average basic price of aluminium and higher sales volume by 77,000 tonnes.

During the first half (H1) of FY20/21, Egypt Aluminum incurred net losses of EGP 341.3 million, compared to EGP 595.7 million in the year-ago period.