Egypt Aluminum turns profitable in Q3

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Egypt Aluminum turned to profits in the third quarter of fiscal year 2016.

Net profits reached EGP 138.3 million in the first three months of 2017, compared to EGP 14 million in losses in the same period in 2016, according to a bourse filing.

During the nine months ended March 2017, net profits jumped to EGP 894.02 million, against EGP 57.7 million in losses in the same period in 2016.

The company’s revenues increased to EGP 6.4 billion during the nine months ended March 2017, compared to EGP 3.6 billion in the same period in 2016, the statement showed

Egypt Aluminum achieved foreign exchange gains of EGP 498 million in the period between July 2016 and March 2017, compared to EGP 31 million in the same period of the past year.

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