Egyptian Iron and Steel posted a 21.9% year-on-year rise in losses for FY2016-17, Invest-Gate reports.

Losses reached EGP 750.26 mn in the previous fiscal year, which ended on June 30, 2017, compared to EGP 615.6 mn in the prior-year period, the company’s modified financial statements showed.

The cost of sales increased to EGP 2.58 bn in FY2016-17, compared to EGP 2.3 bn in FY2015-16.

The company had previously said in August that it recorded losses of EGP 744.68 mn in FY2016-17, before modifying its figures.