Cairo – Mubasher: The consolidated net losses of Asec Company for Mining (ASCOM) ballooned by 1,285% year-on-year (YoY) to EGP 93.48 million in the first nine months of 2020, compared to EGP 6.74 million, including minority shareholders’ rights.
The company’s revenues declined to EGP 613.898 million in the nine-month period ended 30 September from EGP 728.828 million in the corresponding period a year earlier, according to a bourse disclosure on Tuesday.
As for standalone business, ASCOM incurred net losses of EGP 49.28 million in the January-September period, up from EGP 1.785 million in the year-ago period.
During the first half (H1) of 2020, ASCOM turned to net losses of EGP 58.14 million, against net profits of EGP 2.04 million in H1-19, including minority shareholders’ rights.
