ICEC

Egypt’s Al Ezz Dekheila reports more losses in Q2 and H1

Egypt’s Al Ezz Dekheila Steel – Alexandria (IRAX.CA), a unit of Ezz Steel, announced on Tuesday it recorded deeper losses in both the second quarter and the first half of the year.

According to standalone business results, second quarter losses widened 345 percent y-o-y to 187 million Egyptian pounds ($21 million) from 42 million ($4.7 million) in the same period last year.

First half losses also mounted to 205 percent y-o-y to 484 million pounds from 158.3 million last year.

During the first half, sales fell to 5.1 billion pounds from 6.2 billion pounds registered last year.

The standalone financial statements earlier showed that Al Ezz incurred 297.4 million pounds in losses in the first quarter of 2016, compared with 116.16 million for the first quarter of 2015.

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