Egypt’s Ezz Steel Sees 94% y-o-y Net Profit Drop in Q1

Egypt’s top steel manufacturer Ezz Steel announced consolidated net loss of EGP20.2 million in the first quarter of 2014, compared to a net profit of 371.6 million in the same period of the previous year, according to a statement the company released on Monday.

Egypt’s top steel manufacturer Ezz Steel announced consolidated net loss of EGP20.2 million in the first quarter of 2014, compared to a net profit of 371.6 million in the same period of the previous year, according to a statement the company released on Monday.

The company’s standalone financial results for the same period mirrored EGP 45.4 million net loss, compared with EGP 26.4 million net loss in Q1-13.

FY13 consolidated net profit had amounted to EGP 533 million, compared with EGP 250.4 million a year earlier.

The company’s outlook suggests that a “return to political stability” and investments in infrastructure should offset price increases of utilities, the statement said.