Egypt steel producer Ezz Dekheila Steel Company, owned by Ezz Steel, announced Monday it has registered EGP 116m in net losses in the first quarter (Q1) of 2015. The latest figures are down from the EGP 144m in net losses achieved in the corresponding period in 2014.

In a statement to the Egyptian Stock Market (EGX), Al-Ezz Dekheila explained that it has achieved EGP 266m in total profits in Q1 of 2015, compared to EGP 362m in Q1 of 2014.

In a separate statement to the EGX, the company’s investor relations said the company’s factories are suffering from unstable natural gas supplies that led to a shortage in required gas quantities.

Al-Ezz Dekheila said it will consider depending on alternative sources of energy to make up decline in steel production resulted from natural gas shortage.

Earlier this month, Ezz Steel reported a net loss of EGP 835.5m in 2014, after registering EGP 527.8m in net profits in 2013.

Source: Daily News Egypt.