CAIRO: Egypt’s biggest steel manufacturer, Ezz Steel posted a net loss of 835.6 million EGP ($109.8 million) for the fiscal year ended on December 31, 2014, compared to a net profit of 527.9 EGP million a year earlier.
Meanwhile, sales dropped from 21.29 billion EGP to 19.39 billion EGP. The standalone financial results reflected net losses of some 46.8 million EGP, compared to 83.3 million EGP net gains in 2013, the company said in a statement to the Egyptian Exchange.
Ezz Steel also reported a net loss of 235 million EGP in the Q4 of 2014, compared with a restated not loss of 88 million EGP a year earlier, and a net loss of 285 million EGP in the previous quarter, its said in a statement.
“This comes below our forecast of a net loss of 180 million EGP, mainly on the back of lower margins,” HC Securities and Investment commented in an emailed statement.
The steelmaker also reported a 17 percent y-o-y drop in volumes to 0.98 million tons, two percent below HC estimate. The compant also posted a 15 percent y-o-y decline in revenue to 4.52 billion EGP (2 percent below HC forecast.)