Ezz Steel Co.'s net loss in the first quarter shrunk year over year to 67 million Egyptian pounds, or 12 piastres per share, compared to 521 million pounds, or 96 piastres apiece, in the year-ago quarter, according to a June 6 earnings release.
Net sales in the three months surged 55% year over year to 12.61 billion pounds on the back of higher sales volumes and prices for long steel. Long steel sales volumes increased 30% year over year to 876,000 tonnes, partially offset by a 6% decline in flat steel sales volumes to 303,000 tonnes.
EBITDA swelled 190% on a yearly basis to 1.79 billion pounds, according to the release. Long steel production increased 10% year over year to 857,000 tonnes in the quarter, while flat steel production volumes remained stable year over year at 326,000 tonnes.
As of June 5, US$1 was equivalent to 17.9 Egyptian pounds.
