Al-Ezz Steel posts $11.6 million in losses for 1H 2002
Egyptian steel reinforcement bar producer, Al-Ezz Steel Rebars (ESR) recorded net losses of 53.96 million pounds ($11.6 million) on sales of EP 529.8 million in the first half of 2002 compared to EP 20.4 million in losses on sales of EP 535 million during the same period last year.
The shortfall was attributed to a five percent increase in the cost of sales, pushing the figure from 82.4 percent from 77.4 percent. Al-Ezz’s liquidity also took a downturn with working capital reaching EP 500 million, down from EP 374 million in the first quarter of the year.
ESR dominates the steel re-bars market with a 70 percent market share. The company’s plant, located in Sadat City, produces up to 101 million tons of deformed steel rebars, wire mesh and plain steel coils annually. — (menareport.com)
© 2002 Mena Report (www.menareport.com)