Cairo – Mubasher: The consolidated financial statements of Asec Company for Mining (ASCOM) reported a 48.8% year-on-year (YoY) drop in its net losses during 2019.

The company’s net losses shrank to EGP 52.57 million last year from EGP 102.82 million in 2018, according to a bourse disclosure on Thursday.

Meanwhile, the company generated EGP 967.05 million in revenue in 2019, up from EGP 950.66 million in the previous year.

As for standalone business, ASCOM turned to losses of EGP 34.53 million in 2019, against net profits of EGP 3.93 million in 2018.

It is noteworthy to mention that during the January-September period, ASCOM’s net losses fell to EGP 6.7 million from EGP 31.2 million in the year-ago period, including minority shareholders’ rights.