The financial indicators of the Egyptian Iron and Steel (Hadisolb) showed net losses of EGP 437.05 million in the first half (H1) of fiscal year 2020/2021, down by 8.6% year-on-year (YoY) from EGP 478.18 million.
The steel manufacturer’s revenues fell to EGP 555.28 million in the July-December period of 2020, compared to EGP 583.25 million in the corresponding period a year earlier, according to a bourse disclosure on Sunday.
Earlier, the company’s shareholders approved a decision to liquidate its steel plant and spin off its mining operations.
During the first quarter (Q1) of fiscal year 2020/2021, Hadisolb incurred net losses of EGP 274.48 million, down from EGP 367.8 million in the year-ago period.