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ASCOM’s losses widen 120% in Q1-20

ASCOM’s losses widen 120% in Q1-20
The company’s revenues fell to EGP 228.4 million
ASCOM
ASCM
6.81% 8.02 0.51

Cairo – Mubasher: The consolidated financial statements of Asec Company for Mining (ASCOM) showed a 120% year-on-year (YoY) rise in its net losses to EGP 23.24 million in the first quarter of 2020 from EGP 10.55 million, including minority shareholders’ rights.

The company’s revenues fell to EGP 228.4 million in the January-March period from EGP 271.19 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 49.35 million in Q1-20, up from EGP 1.16 million in Q1-19.

It is worth mentioning that during 2019, the company’s net losses amounted to EGP 52.57 million, down from EGP 102.82 million in 2018.