10
Jul
09:53
Forex losses dent Ezz Steel’s first-quarter earnings
Ezz Steel registered a first-quarter consolidated revenue increase of 49.4% on-year to EGP 27.84 billion ($899.85 million); however, the firm sunk to a loss due to foreign exchange loss amounting to EGP 8.88 billion ($287.2 million).
The company clocked up a net loss of EGP 2.48 billion in Q1 versus a net profit of EGP 1.21 billion in Q1 2022, according to the Egyptian steelmaker’s latest earnings report seen by Kallanish.
In January-Ma…
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Anonymous
Very good overview of the weekly steel market.
Anonymous