Egyptian steel producer Ezz Steel incurs higher consolidated losses year-on-year in the first quarter of the fiscal year 2017/2018, Invest-Gate reports.
Losses reached EGP 492.9 mn in Q1-17, a rise of 109.4% from EGP 235.6 mn in Q1-16.
Sales increased to EGP 8.1 bn in Q1-17 from EGP 4.9 bn in Q1-16, while the cost of sales rose to EGP 7.57 bn from EGP 4.47 bn.
General and administrative expenses (G&A) reached EGP 208.9 mn in Q1-17, compared to EGP 151.9 mn in Q1-16.
Standalone losses increased 177% to EGP 240.7 mn in Q1-17 from EGP 86.8 mn in Q1-16.