Ascom reports 120% loss increase

Asek Company for Mining (Ascom) registered a 120% Year on Year increase in its consolidated net loss in Q1

  
ArabFinance: Asek Company for Mining (Ascom) registered a 120% Year on Year increase in its consolidated net loss in Quarter one (Q1) of 2020, according to the company's June 30th financial statements filed to the Egyptian Exchange.

Consolidated net loss reached EGP 23,240,065 in Q1 2020, compared to EGP 10,550,356 incurred in Q1 2019.

Standalone net loss stood at EGP 49,358,947 in Q1 2020, against a net profit of EGP 1,160,100 posted in Q1 2019.

In 2019, the company suffered a consolidated net loss of EGP 52.57 million. This value was lower than the EGP 102.82 million loss incurred in 2018.

Meanwhile, Ascom achieved higher revenues of EGP 967.05 million in 2019, compared to EGP 950.66 million a year earlier.

Ascom is an Egypt-based public shareholding company that operates primarily in the non-metal mining sector. The company is engaged in geological exploration, mining and quarrying of raw materials, and developing mining operations for building materials and precious metals. This is in addition to being involved in manufacturing operations for ground calcium carbonate and rock as well as glass wool.

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