Egypt expecting 45% rise in Emirati Tourists in 2015    U.S. Stock Futures surge with key Fed meeting in focus    Dollar gains against Yen, but weakens vs. Pound    Kerry heads for Egypt, Gulf to discuss Iran Deal, ISIS    Peace be upon Palestine!    Egypt's foreign ministry condemns Bahrain bomb attack    FIFA's Blatter deserves Nobel Prize, says Putin    Four Children die, 27 ill by Dehydration Medicine in Beni Suef    Has Al-Azhar Stifled Egypt's Intellectual Enlightenment?    Egyptian Fishermen held in Sudan for 'Political' Reasons: Syndicate's Head    China shares slip again as Beijing scrambles to calm markets    Libyan court gives death sentence to Gaddafi son Saif al-Islam    Egypt police kill 2 Ajnad Misr militants in gun battle in Giza: MENA    Bangladesh police arrest six in crackdown on Islamist groups    Gas flow in Turkey-Iran pipeline halted due to attack: Minister    Saudi, Egypt fall in line with oil, global equities    Egypt, Sudan Agree To Activate Joint Agricultural, Water Projects    Obama in Ethiopia on Africa tour to boost security, other ties    Proverb of the day: The world belongs to the victor    Egypt's 'Warraq boat' driver turns himself in to police: MENA    Egypt FM meets families of fishermen detained in Sudan    One child killed, 27 injured by medication in Egypt's Beni Suef    Coaches react as Egypt's Ahly defeat Etoile du Sahel of Tunisia    Manchester United beat Barcelona 3-1 in friendly    Obama's visit raises Ethiopia's stature amid rights concerns    18 Soldiers injured by Roadside Bomb in Egypt's Al-Arish    Proverb of the day: If you have a blood relation, don't go into business with him nor allow marriage between your children    Egypt extends State of Emergency in North Sinai by Three Months    Proverb of the day: If you miss the wagon of government service, drop to the ground and roll on the dust of its trail    Preachers banned    Escalation continues    Who's the enemy?    Polls preparations to begin soon    Opting for trade facilitation    The would-be managers    Angela in Griekenland    Regional manoeuvres    A revolution in the making    It was not about the venue    Assault on Mido's record books    MUSIC AND DANCE    Goodbye, my friend Omar Sharif    ART    Roadside bomb kills 4 soldiers, injures 3 in North Sinai: Army    Over 41,000 Egyptians, Foreigners Visited Giza Pyramids During Eid Holidays    Former Egypt Striker Mido Named Ismaily Coach    Farewell Lawrence of Arabia, Omar El Sharif 1932-2015    Egypt's Mohamed Salah to re-join Chelsea for pre-season training    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.




Your friends recommend

Egypt's Ezz Steel swings to Q1 profit
Country's largest steel producer reports LE18 million profits as construction market sees a post-uprising recovery
Published in Ahram Online on 13 - 09 - 2012

Egypt's largest steel producer, Ezz Steel, swung to a profit in the first quarter as prices rose and a buoyant housing construction market absorbed growing volumes of long steel, the company said on Thursday.
The results suggest the company has weathered a chaotic political and economic backdrop since the overthrow of President Hosni Mubarak in February 2011.
Its founder Ahmed Ezz was hit with corruption charges as prosecutors probed the dealings of figures closely associated with the ousted government.
Ezz was a top official in Mubarak's now disbanded political party. He quit the board of Ezz Steel and its subsidiary Ezz Dekheila last year to fight the charges against him. A court jailed him in September.
Net income was LE18 million, compared to a net loss of LE10 million in the year-earlier quarter, Ezz Steel said in a statement.
Turnover was up 18 per cent, it said, reflecting a 20 per cent increase in the volume of long steel sold and a 6 per cent increase in both long and flat steel prices, it said.
"Long product exports accounted for 2 per cent of total long sales, reflecting the continued strong domestic market demand for Ezz Steel's long products, mainly from private house building activity," the company said.
Ezz shares were up 4.4 per cent at 1000 GMT.
Reduced activity in the global flat steel market meant the company exported 47 per cent of its flat steel, the same as a year earlier, Ezz Steel added.
Chairman Paul Chekaiban said he expected the company to maintain a "strong operational performance" in 2012 after achieving record sales volumes in the first quarter.
With a predominantly young population crying out for affordable housing, construction of homes was less affected by the economic turmoil that followed the ousting of Mubarak.
Demand for high-end developments slumped but the building of cheaper homes, much of it in the informal sector, appears to have continued apace.


Clic here to read the story from its source.