Cairo – Mubasher: Egypt Aluminum turned to net profits of EGP 27.53 million during fiscal year (FY) 2020/2021, versus net losses of EGP 1.67 billion in FY19/20, the unaudited financial results showed. 

The company's revenues surged to EGP 11.36 billion in the year ended 30 June from EGP 7.25 billion a year earlier, according to a bourse disclosure on Wednesday. 

The positive turn in the company's financial results was ascribed to the increased average basic price of aluminium on the international metal exchange and higher volumes of sales by 98,000 tonnes. 

In the first nine months of FY20/21, the company suffered net losses of EGP 347.72 million, down from EGP 1.02 billion in the prior-year period.