Ezz Steel net loss widens to $25M in Q2
Steel Tycoon Ahmed Ezz - YOUM7

CAIRO: Egypt’s biggest steel manufacturer, Ezz Steel, posted a net loss of 201million EGP ($25.04 million) in the second quarter of 2015, up from 157 million EGP a year earlier and 136 million EGP in the previous quarter, it announced Sunday.

“This comes below our forecast of a net loss of 104 million EGP, mainly on the back of lower margins,” HC Brokerage and Investment commented in an emailed statement Sunday.

The Egyptian Exchange listed firm reported a seven percent y-o-y drop in production volumes to 1.05 million tons, which is 9 percent above HC estimate, added HC.

In 2014, Ezz Steel reported a net loss of 835.6 million EGP, compared to a net profit of 527.9 EGP million a year earlier.

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