Ahly coach praises players for late Ittihad win    Blatter calls for unity at opening address to FIFA    6.8 magnitude quake strikes offshore Alaska: USGS    Bombs outside two five-star Baghdad hotels kill at least 10    US to vote for Ali in FIFA election and not Blatter    More of the same    Who's to blame for the mess in Iraq?    Gulf allies and ‘Army of Conquest'    Wafd reunion efforts continue    Economics of the first year    Morsi in the dock again    CINEMA    Judge for yourself    Not quite a prophet    MUSIC AND DANCE    Zamalek spread their wings    Champions no less    The soccer showdown    Disappearing crafts    Egypt court acquits policeman charged with torture in high-profile case    Spain investigates Boko Haram leader on terror charges    Egypt to witness decline from high temperatures    Indians Urged To Stay Indoors As Sweltering Heat Kills More Than 1,300    Egypt extends opening of crossing with Gaza for third day    Proverb of the day: Paradise without people is not worth going to    Islamic State photos purport to show unharmed Palmyra ruins    Five things to know about the miraculous four babies born to a 65 year old!    Egypt bourse says to reduce free float required for new companies to list on EGX 30    Arab forces strike Houthi-held Yemen military port: Local official    Starbucks Coffee Originally Australian!    Parliament to culminate 2015    20 Companies Listed On EGX With LE5bln Capital In A Year    Qalaa Expected To Exit Dina Farms,Rashidi Elmizan By Q3: Mdy    NBAD Managing $1.5bln Bonds For Egyptian Government: CEO    OPEC sees rivals boosting oil output despite weak prices    Telecom Egypt board appoints new CEO chairman    VIDEO: Georgian National Ballet 'Sukhishvili' performs at the Pyramids    Cleveland to limit Police Use of Force    Sisi to respond to Citizens' Questions via email address    50 Muslim Brotherhood NGOs disbanded in 5 governorates    Roadside bomb injures two security personnel in Sinai: Aswat Masriya    Queen Elizabeth to unveil EU referendum plans as UK parliament opens    Google Doodle salutes First US Women in Space Sally Ride    Real Madrid sacks Carlo Ancelotti after Two Seasons    John Nash, Mathematician who inspired 'A Beautiful Mind,' killed in Car Crash    Rio Ferdinand Opens Up After His Wife's Cancer Death    Blast kills civilian north of Cairo    Ratings upgrade    







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.