Militants claim to behead 4 in Sinai    Egypt's NGOs under threat: rights groups    UN Convoy Steps up Gaza Food Aid after Egypt Opens Rafah Crossing    Ahmed Seif El-Islam, Leading Light Of Egypt Human Rights, Has Died    Asia Stocks Steady As Rally Fades, Euro Clings To Gains    Wall Street Drifts To Another Record In Light Trading    Telecom Italia Bids $9.25 Billion For Vivendi's GVT    Tripartite Committee Solves Nearly All Dam Issues: Egyptian Minister    Police Blame El-Shater's Son-In-Law For Cairo Militant Group    Egyptian, Libyan Chiefs Of Staff Meet    Egypt's El-Sisi To Visit US For The First Time In September    Is It Time For Egypt's New Capital City?    Police blame El-Shater's son-in-law for Cairo militant group    Morocco's Benatia happy after sealing 'dream move' to Bayern    Cameroon's Eto'o raring to go after joining Everton    Islamic State commits war crimes, Syrian govt using poison gas :UN    Renowned human rights lawyer Ahmed Seif El-Islam passes away    Egypt, Ethiopia, Sudan tripartite talks end with agreements    New ‘quartet committee' to regulate financing and implementation of Suez Canal project    Tablets remain ‘untapped market' in Egypt: Nielsen    Finance minister forms committees to receive appeals on property tax value    Dutch farmers dump tonnes of produce as Russian sanctions hit prices    OIC secretary general, Shoukry discuss Gaza situation    Open-ended Gaza ceasefire reached    Afghan election audit disrupted as candidate threatens to walk out    Gezira club cat killings spark widespread anger    Second round of literary festival attracts thousands of young Egyptians    OCI N.V. reports 9% net-profit rise in H1 2014    WHO urges stiff regulatory curbs on e-cigarettes    Manchester United's humiliation is Milton Keynes' glory    Syria, Iraq Tension Revives Business for Egypt Firms    Washington claims Egypt, UAE behind bombing raids in Libya    INTERVIEW-Wife of imprisoned aide to Egypt's Mursi brings case to UN    رسميا .. بايرن ميونخ يضم مهدي بنعطية من روما    At least 17 killed in microbus sinking in Luxor    Former health minister Mamdouh Gabr dies at 87    Ebola Fight Needs $430 Million to End Outbreak, WHO Says    Egypt's Metro Officials Demand Fare Hike amid Government Reluctance    Art Alert: First Jews of Egypt documentary to be screened at Zawya    Girls from Brazil's favelas find escape in ballet    VIDEO: Koka hits hat-trick for Rio Ave    Egypt name squad for Senegal, Tunisia qualifiers    Egyptian Court Adjourns Port Said Massacre Retrial To 21 September    ‘Port Said Massacre' retrial pushed back to 21 September    War on Gaza stops award-winning director from attending Sarajevo film festival    Bringing international literature to the blind    Egyptian documentary ‘The Square' wins three Emmys    Egyptian Controversial Cartoonist Mostafa Hussein Dies at 79    







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.