Ascom turns to losses in H1
Updated 11/13/2024 9:37:00 AM
Arab Finance: Asek Company for Mining (Ascom) incurred consolidated net losses attributable to the parent company of EGP 100.698 million in the first half (H1) of 2024, versus a net profit of EGP 44.669 million H1 2023, according to the consolidated financial income statement filed to the Egyptian Exchange (EGX) on August 28th.November 13th.
Operating revenues grew to EGP 1.430 billion from January through June this year from EGP 934.984 million over the same period a year earlier.
Concerning standalone business, the firm's net losses after tax totaled EGP 316.740 million, against net profits of EGP 5.174 million in the same half of the prior year.
Ascom is an Egypt-based public shareholding company that operates primarily in the non-metal mining sector.
The company is engaged in geological exploration, mining and quarrying of raw materials, and developing mining operations for building materials and precious metals. This is in addition to being involved in manufacturing operations for ground calcium carbonate and rock as well as glass wool.
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