Cairo – Mubasher: Asec Company for Mining (ASCOM) turned to net losses of EGP 58.14 million during the first half (H1) of 2020, against net profits of EGP 2.04 million in the year-ago period, including minority shareholders’ rights.

Revenues slid to EGP 386.87 million in the January-June period from EGP 502.82 million in the corresponding period a year earlier, according to a bourse disclosure on Monday.

In addition, the company’s standalone financial statements showed net losses of EGP 44.32 million in H1-20, versus net profits of EGP 2.76 million in H1-19.

During the first three months of the year, ASCOM’s net losses increased to EGP 23.24 million from EGP 10.55 million in the same period in 2019, including minority shareholders’ rights.