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ASCOM’s consolidated losses shrink 78% in 9M

ASCOM’s consolidated losses shrink 78% in 9M
The company suffered net losses of EGP 6.7 million
ASCOM
ASCM
-1.65% 41.65 -0.70

Cairo – Mubasher: Asec Company for Mining (ASCOM) reported a 78% year-on-year drop in its net losses during the first nine months of 2019 on the back of rising revenue, the company's consolidated financial statements showed. 

The company suffered net losses of EGP 6.7 million during the January-September period, compared to EGP 31.2 million in the same period a year earlier, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Sunday.

Meanwhile, revenues increased to EGP 728.8 million in the nine-month period ended 30 September from EGP 701.8 million in the year-ago period.

As for the third quarter of 2019, ASCOM reported a net loss of EGP 8.7 million, down from EGP 21.8 million in Q3-18.