Arab Finance : Beltone Financial stated that EL Ezz Aldekhela Steel - Alexandria net profit for FY2013 misses estimates on weaker-than-expected 4Q margins. Beltone added in a research note" EZDK released its preliminary standalone indicators for FY2013 with revenues adding 18.5% y-o-y to EGP18.8 billion on the back of higher steel prices, broadly in line with our estimate. Gross profit margin came in at EGP2.35 billion , 9% below our estimate on lower margins as GPM for the year came in at 17%, 200bps below our estimate, implying weaker margins for 4Q2013 at c.13% versus a 9M2013 average of 18.5%. " It also mentioned that the bottom line (Net profit) recorded EGP1.16 billion , up 46% y-o-y on higher revenues and margin improvement, but 14% below our estimate.
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