ASCOM's loss widens in 2020

The company’s revenues declined

Cairo – Mubasher: Asec Company for Mining (ASCOM) reported consolidated net losses of EGP 71.72 million in 2020, up by 36.4% year-on-year (YoY) from EGP 52.57 million, including minority shareholders’ rights.

The company’s revenues declined to EGP 841.85 million last year, compared to EGP 967.05 million in 2019, according to a bourse disclosure on Sunday.

As for standalone business, ASCOM recorded net losses of EGP 54.58 million in 2020, up from EGP 34.53 million a year earlier.

During the first nine months of 2020, ASCOM’s losses widened by 1,285% to EGP 93.48 million from EGP 6.74 million in the corresponding period in 2019, including minority shareholders’ rights.

Source: Mubasher

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