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FINANCIAL NEWS
Egypt’s Ezz Steel loses USD16m in Q3
01 Mar 2013
(MENAFN) Egypt’s largest steelmaker Ezz Steel posted a quarterly loss on lower sales, Reuters reported.
The company said it booked USD16.33 million net loss during its fiscal third quarter, compared to USD39.17 million net profit a year earlier.
Ezz Steel also reported USD671.37 million in quarterly sales, down from USD714.57 million a year ago.
As for the first three quarters of 2012, the company said that its earnings also fell to USD14.14 million from USD66.5 million in the same period of 2011.
Founder Ahmed Ezz quit the board of Ezz Steel and its subsidiary Ezz Dekheila in 2011 to fight corruption charges as prosecutors investigated figures closely associated with the ousted government of Hosni Mubarak.
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