Ascom reports 1,646% loss increase

ArabFinance: Asek Company for Mining (Ascom) reported a 1,646% Year on Year increase in its consolidated net loss in the first nine months of 2020, according to the company’s November 17^thfinancial statements filed to the Egyptian Exchange.

Consolidated net profit before minority interest stood at EGP 86,634,632 in the January-September period of 2020, compared to EGP 4,960,483 achieved in the prior-year period.

Standalone net loss reached EGP 49,289,043 in the January-September period of 2020, a 2,661% rise from EGP 1,785,456 incurred in the corresponding period a year earlier.

Qalaa Holding decreased its stake in Ascom capital from 61.323% to 54.05%.

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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