Egyptian Iron and Steel’s unaudited net profit for the first nine months of its 2007/08 financial year rose 229 per cent to 777.5 million Egyptian pounds ($145.1 million).

The company’s net profit in the same period of the previous year was 236.5 million pounds, the company said in a statement to the stock exchange. The company’s financial year starts on July 1.
The state-controlled company, Egypt’s third-biggest listed steel company, has been going through a restructuring plan led by the Ministry of Investment.
The firm has a market capitalisation of 16.48 billion pounds.