ASCOM reports 59% lower losses in 9M

The company generated revenues

Cairo – Mubasher: The consolidated net losses of Asec Company for Mining (ASCOM) retreated by 59.12% year-on-year (YoY) to EGP 38.21 million during the first nine months of 2021, compared to EGP 93.48 million, including the minority shareholders' rights.

The company generated revenues of EGP 713.66 million in the January-September period of 2021, up from EGP 613.89 million in the corresponding period of 2020, according to a bourse filing on Tuesday.

As for standalone businesses, the company achieved net profits of EGP 4.45 million in the first nine months of 2021, against net losses of EGP 49.28 million in the year-ago period.

It is noteworthy to mention that during the first half (H1) of 2021, the company reported net losses of EGP 36.25 million, down by 37.6% YoY from EGP 58.14 million, including minority shareholders' rights.

Source: Mubasher

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