Egypt's Ezz Steel sees 110% y-o-y net profit drop in Q1

Egypt's top steel manufacturer Ezz Steel announced a consolidated net loss of LE19 million in the first quarter of 2014, compared to a net profit of LE202 million in the same period of the previous year, according to a statement the company released on Monday.

"In the first quarter of 2014, Ezz Steel has achieved weaker performance due to the disrupted availability of utilities in our country, which directly affected production at all our steel plants," Paul Chekaiban, chairman and managing director, said in the statement.