Ezz Steel Company recorded net losses of EGP 2.48 billion during the first three months of the current fiscal year, compared to profits of EGP 1.21 billion during the same period last year.
The company's sales increased by 49.4% during the first quarter of the year to reach EGP 27.8 billion compared to EGP 18.6 billion in the same period of the previous year.
Meanwhile, currency translation losses for the company increased by 684.3% to reach EGP 8.8 billion compared to EGP 1.1 billion during the same period last year.
The company attributed the losses to the impact of currency translation due to the Egyptian pound's devaluation against the U.S. dollar during the period.
