State-run Egyptian Iron and Steel sales fall 2.59% in H1-FY2017/18

State-owned Egyptian Iron and Steel Company reported Tuesday a 2.59 percent fall in its local sales, recording 604.89 million Egyptian pounds ($34.3 million) during the first half of financial year 2017/2018.

Earlier, sales increased to 620.96 million pounds during the first half of financial year 2016/2017.

The company incurred losses by 22.6 percent to 231.3 million pounds from 188.7 million pounds.

Revenues dropped to 753.6 million pounds, compared with 805.2 million pounds.

During the five months ended in November 2017, sales declined to 481.35 million pounds, compared to 494.32 million pounds during the same period in 2016.