Ezz Steel says H1 net profit tumbles 79 percent

CAIRO: Egypt's Ezz Steel said on Thursday its net profit for the first half of 2011 plunged 79 percent.

The company has been rocked by the political and economic turmoil during the uprising that ousted Hosni Mubarak in February. Egypt's public prosecutor jailed the company's chairman Ahmed Ezz in February on charges of graft.

Net profit after tax and minority interest dropped to 51 million Egyptian pounds ($8.5 million) from 241 million pounds. Net sales rose 24 percent to 9.33 billion pounds.