Cairo-Mubasher: ASEC Company for Mining’s (ASCOM) posted on Thursday an increase of 161% in its consolidated losses for fiscal year 2016 to EGP 133.98 million, compared to EGP 51.25 million for FY15.
Consolidated revenues for FY16 rose to EGP 746.1 million from EGP 702.2 million for FY15, according to a bourse statement.
Standalone losses reached EGP 192.8 million in FY16, against a standalone profit of EGP 1.1 million for FY15.
Consolidated foreign exchange losses amounted to EGP 13.8 million in FY16, according to another statement, while standalone foreign exchange losses reached EGP 98 million, another statement said.
The company’s board recommended not to distribute cash dividends for the year ended 31 December 2016.
