Ezz Steel posts $16m Q3 net loss
Cairo, February 28, 2013
Egypt's largest steel producer, Ezz Steel, reported a net loss of 110.05 million Egyptian pounds ($16.33 million) for the third quarter, the firm said in a bourse statement on Thursday.
Ezz Steel made a net profit of 264.73 million pounds in the same period, the three months ending Sept. 30, a year earlier.
Sales fell to 4.538 billion pounds in the third quarter from 4.830 billion pounds in the same period a year earlier.
The firm's 9 month net profit also dipped to 95.56 million pounds from 449.49 million pounds in the same period a year earlier.
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. Ezz, a top official in Mubarak's now disbanded political party, was jailed last year. - Reuters