Ezz Dekheila Steel swings to losses in three months

AL Ezz Dekhela Steel – Alexandria (IRAX.CA) suffered notable losses in the first quarter of the financial year 2016, the consolidated financial results revealed on Monday. 

The company lost 173.67 million Egyptian pounds ($19.3 million) in Q1-16, compared to 1.22 million pounds ($136,000) profits for the year-ago quarter.

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

During 2015, the company’s losses widened 11.5 percent year-over-year to 448.5 million Egyptian pounds from 402.16 million Egyptian pounds.