Cairo – Mubasher: The consolidated financial statements of Ezz Steel showed net losses of EGP 2.77 billion in the first half (H1) of 2020, up by 12.22% year-on-year (YoY) from EGP 2.46 billion, including minority shareholders’ rights.

Sales plunged to EGP 17.82 billion in the January-June period from EGP 25.9 billion in the year-ago period, according to a bourse disclosure on Thursday.

In addition, the company’s standalone net losses declined to EGP 467.54 million in H1-20 from EGP 576.28 million in H1-19.

During the first three months of the year, the steel manufacturer incurred net losses of EGP 860 million, compared to EGP 1.08 billion in the corresponding period in 2019, including minority shareholders’ rights.

Source: Mubasher

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