Egypt's largest steel producer, ezzsteel, reported a 16 per cent drop in net profit for the second quarter, as the company grappled with persistent economic weakness since last year's popular uprising.
Ezzsteel has benefited from buoyant demand for affordable housing, helping offset a slump in infrastructure and luxury real estate projects since the ousting of Hosni Mubarak.
Net income for the three-month period was LE142.43 million ($23.34 million), down from 168.64 million pounds a year earlier, according to a stock exchange filing.
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