ASCOM's loss widens 29% in Q1-21

The revenues increased

Cairo - Mubasher: Asec Company for Mining (ASCOM) incurred net losses of EGP 30.06 million during the first quarter (Q1) of 2021, up by 29.35% year-on-year (YoY) from EGP 23.24 million, including minority shareholders' rights.

The revenues increased to EGP 235.96 million in the January-March period, compared to EGP 228.4 million in the prior-year period, the company said in a bourse disclosure on Wednesday.

As for standalone business, the company logged net profits of EGP 9.94 million in Q1-21, against net losses of EGP 49.35 million in Q1-20.

During 2020, ASCOM reported consolidated net losses of EGP 71.72 million, up from EGP 52.57 million a year earlier, including minority shareholders’ rights.

Source: Mubasher

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