Arsenal edges past Norwich in 1-0 win on day of fan protest    New winner of expelled MP Tawfik Okasha's seat announced after by-election    Court adjourns trial of 104 MBs in "Bulaq Abu-Al Ala" incidents    Senegal's Kouyate helps West Ham keep EPL top 4 hopes alive    Iran's moderates emerge from runoff with most seats    Bayern's Bundesliga title celebrations put on ice after draw    Court adjourns trial of 51 people over April 25 protests    PHOTO GALLERY: Holy fire ceremony in Jerusalem draws thousands    Trial of policeman who killed street vendor over 'cup of tea' starts 14 May    Egypt's exports to Arab countries reached 1.350 billion dollars: CBE    Sisi congratulates Deby for his re-election as Chad's president    BREAKING: Iraqi protesters storm parliament, breach Green Zone    Why Aleppo is Syria's fiercest battleground    Sisi congratulates Christians on Easter celebrations    NCHR to Discuss Report on Freedoms Wednesday    Central Bank to pump $120 mln to banks in periodic dollar bid    Saudi builder Binladin terminates 50,000 jobs    Court sentences Port Said Prison stormers to life imprisonment    Death toll from collapse of Nairobi building hits seven - Kenyan police    ‘Serious' co-operation on Regeni case would normalise Rome-Cairo relations: Italian FM    Antiquities minister inspects 2 museums in Minya    Egypt, UAE conclude naval exercises in Arabian Gulf    IBM launches new cloud services for blockchain    Asia markets mostly lower; yen strengthens against the dollar    Egypt expresses 'deep concern' over civilian casualties in Syria    Court tries 116 protesters over violating Protest Law    Ali calls Yemeni parties to reach agreement, save blood    Oil's wild ride set to continue after April's big climb    Egypt in the international media    Austrian presidential election too close to call, poll suggests    Egyptian police officer detained on charges of attempted murder in shooting microbus driver    PHOTO GALLERY: Love Story, Bollywood musical comes to Egypt with vibrant music and colors    Biden to see Pope Francis, discuss cancer cures at Vatican    ‘Support Egypt' sweeps parliamentary committees    MUSIC AND DANCE    Gardens of Islam    Spiritual sculptures    Adrenaline rush    Victory in Africa    Surprise promotions    Egypt's Central Bank keeps key interest rates unchanged    Egypt's Orascom Telecom posts 2015 net loss of EGP 3.6 bln    FIFA threatens to suspend Egypt over court ruling    Sisi attends inauguration of new interior ministry HQ in New Cairo    Platinum Club brings the 1st Real Madrid Foundation Technical Academy to Egypt    While many focus on Shakespeare, Spain commemorates the 400th anniversary of Cervantes' death    Antiquities Minster inspects pyramids of Fayoum affected by ground water    Syndicate of journalists to commemorate Palestinian Prisoner Day    







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





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.