Dow, S&P 500 end 3-day skid on Monday    Germany wants Facebook to take action in fight against online hate    Egyptian-Jordanian Higher Committee meeting in Cairo to enhance relations    EU to hand Apple Irish tax bill of $1.1 billion: Source    International experts to begin assembling Russian aeroplane wreckage    Alphabet executive resigns from Uber board amid growing competition    Cairo prosecution detains policeman who killed microbus driver on murder charges    Uber, Careem suspend services in UAE capital    Egypt, Sudan, Ethiopia have surpassed disputes over GERD: Sudanese FM    11 killed in car collision in Upper Egypt's Sohag    Egypt to reopen Rafah crossing for Gaza pilgrims    Egypt studies possible reconciliation with Mubarak-era industry minister    Matt Damon climbs up Forbes' Hollywood rich list    Messages from Al-Sisi    Rush to Assad    Russian flights back soon?    Marriage of convenience    An Israeli hand not shaken    Do Palestinian refugees exist?    Martin Jol and Ahly part ways    Grilled on wheat and a five-star hotel    Feeling the pinch    Dealing with half-truths    CINEMA    Church building stirs controversy    Destination Marsa Alam    The Brotherhood and Salafis    Why we prefer old movies    MUSIC AND DANCE    New roles for the palace?    South Africa's Semenya takes 800 metres gold    After the party: Rio wakes up to an Olympic hangover    Mo Farah completes historic double-double with 5,000m win in Rio    Nile management    Rowling returns to Harry Potter's world with new ebooks    New Bridget Jones book to be published in October    Court sentences Geneina to 1 year in prison    Egypt will always remain an oasis of security: Sisi    Egyptian Exchange gains EGP 2 billion on Thursday    Obama Passes Torch to Clinton, Slams Trump    Egypt in the international media    Azhar rejects Egypt govt decision to standardise Friday sermons    British delegation agreed MB designation as a terrorist group, MPs    Egypt in the international media    Egyptian Lebanese House to release Shahawy's new book next month    Antiquities Min. to extend Archaeological Transcripts& Books Fair    Ronaldo pledges to 'come back stronger' after knee injury    Dortmund in talks with Bayern Munich over Goetze return - report    







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.