Ezz Steel post 53 percent decrease in net profit

Tuesday, 19 July 2011 17:24:17 (GMT+3)   |  
       

On July 19, Egypt's largest steelmaker Ezz Steel Co. reported a 53 percent decrease in its net profit for 2010. In 2010, net profit was EGP116.08 million ($19.5 million) compared to EGP249.56 million ($41.9 million) in 2009.
The decrease is caused by the surging costs.

Sales costs exceeded the net sales growth. While net sales increased by 40 percent, cost of sales increased by 46 percent. As a result, operating profit decreased by 61 percent, the company stated.

2011 results are likely to be affected by the production halt during the political unrest in the country overthrowing the President Hosni Mubarak and causing corruption investigations about several of Mubarak's close allies including the founder of the company Ahmed Ezz.


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