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Ezz Steel 9-month net profit falls 26pc

Cairo, January 31, 2012

Egypt's largest steel producer, Ezz Steel, said on Tuesday its net profit for the first nine months of 2011 declined 26 percent from a year earlier.

The company was rocked by the uprising against leader Hosni Mubarak in February and its aftermath. Egypt's public prosecutor jailed the company's chairman Ahmed Ezz in February on corruption charges. He has since stepped down.

Net profit after minority interests dropped to 179 million Egyptian pounds ($29.68 million) from 242 million pounds. Net sales rose 22 percent year-on-year to 14.16 billion pounds. - Reuters




Tags: Egypt | industry | Ezz Steel | Mubarak |

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