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Ezz Steel says H1 net profit tumbles 79 pct The steel giant has seen its net profit drop to LE51 million in H12011 from LE241 million in the same period last year
Egypt's Ezz Steel announced Thursday that its net profit for the first half of 2011 plunged 79 per cent. The company has been rocked by the political and economic turmoil during the uprising that ousted Hosni Mubarak in February. Egypt's public prosecutor jailed the company's chairman, and member of Mubarak's inner circle, Ahmed Ezz in February on charges of graft. Net profit after tax and minority interest dropped to LE51 million ($8.5 million) from LE241 million. Net sales, meanwhile, rose 24 per cent to LE9.33 billion.