MetEC Incurs 1.7b Br Loss

Aug 24 , 2019

Metals & Engineering Corporation (MetEC) lost nearly 1.7 billion Br through outdated pre-paid orders. The Corporation planned to supply nine billion Birr worth of raw materials, aiming to get a profit of nearly 2.3 billion Br in the past fiscal year. Apart from the outdated orders, the reason for the loss is that not all of our industries became operational in time, according to Ahmed Hamza (B. Gen), director-general at the Corporation. “We’re working 24 hours [a day] to make the industries productive,” said Ahmed. “The Corporation plans to make a profit of half a billion Birr this year by restructuring the management and exporting products to the foreign market.”