Ezz Steel 1Q16 first glance: Losses return in 1Q16 on a hit from FX; operationally in line; Reiterate Buy
Net Loss – EGP137mn, flat Y-o-Y, vs. profit of EGP91mn in 4Q15, ahead of EFGe loss estimate of EGP272mn EBITDA – EGP498mn, +130% Y-o-Y, +4% Q-o-Q, -2% vs. EFGe Revenues – EGP4.96bn, +4% Y-o-Y, +28% Q-o-Q, +8% vs. EFGe Ezz Stee
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