ArabFinance: Asec Company for Mining (Ascom) (ASCM) incurred a consolidated net loss before minority interest of EGP 26.652 million in quarter one (Q1) 2021, according to the company’s financial statements filed to the Egyptian Exchange.

This marked a Year on Year (YoY) rise of 22% when compared to EGP 21.928 million in Q1 2020.

Standalone net loss reached EGP 9.946 million in Q1 2021, an 80% decline from EGP 49.358 million posted in the prior-year period.

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.