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FINANCIAL NEWS
Egypt’s Ezz Steel reports USD3m profit in Q1
13 Sep 2012
(MENAFN) Egyptian steelmaker Ezz Steel reported USD2.95 million net profit during its fiscal first quarter, versus USD1.64 million loss a year earlier, Reuters reported.
The company said the improved quarterly results came as prices increased and higher activity in the housing construction market absorbed piling volumes of long steel.
The company also said revenue grew by 18 percent on the back of a 20 percent increase in the volume of long steel sold and a 6 percent increase in both long and flat steel prices.
Chairman Paul Chekaiban expected the company to continue a strong operational performance this year in light of achieving record sales volumes in the first quarter.
With a predominantly young population crying out for affordable housing, construction of homes was less affected by the popular uprising which ousted President Hosni Mubarak.
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