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Ezz Steel posts decrease in net profit for H1 2011

Egypt's largest steelmaker Ezz Steel Co. has announced its financial results for the first half of 2011.

Egypt's largest steelmaker Ezz Steel Co. has announced its financial results for the first half of 2011. Accordingly, the company reported a 79 percent decrease in its net profit.

In the first six months of the current year, net profit was EGP51 million ($8.4 million) compared to EGP241 million ($40.15 million) in the corresponding period of the previous year.

Net sales increased by 24 percent year on year to EGP 9.33 billion ($1.55 billion). Ezz Steel stated that, in term of volume, the sales increased by one percent compared to the first half of 2010.

According to the company statement, the sales growth allowed the company to cover all the additional costs caused by the major disruptions in the Egyptian economy.