Cairo – Mubasher: Asec Company for Mining (ASCOM) posted a 24.5% year-on-year drop in its losses during the first quarter of 2019, according to the company’s consolidated financial results.
Net losses retreated to EGP 10.55 million from January to March, compared to EGP 13.98 million in the year-ago period, including minority shareholders’ rights, ASCOM said in a statement to the Egyptian Exchange (EGX) on Tuesday.
Year-on-year, revenues grew to EGP 271.2 million in the three-month period ended 31 March from EGP 234.9 million.
As for standalone business, the company’s profits plunged to EGP 1.16 million in Q1-19, compared to EGP 45.3 million in Q1-18.
For the full-year 2018, ASCOM’s net losses fell by 68.38% to EGP 102.82 million, compared to EGP 325.19 million in the prior year, including minority shareholders’ rights.
Meanwhile, revenues retreated to EGP 911.85 million last year from EGP 954.23 million in the prior year.
As for standalone results, the Egyptian firm turned a profit with EGP 3.93 million in the January-December period of 2018, versus losses of EGP 11.14 million in the year-ago period.
