Company Name : Asec Company for Mining "ASCOM"
ISIN Code : EGS10001C013
Reuters Code : ASCM.CA
In reference to the consolidated financial statements for the period ended 31/03/2017, announced on trading screens on 03/07/2017, a statement was received from the company stating that the exchange rate differences of EGP 254,104,515 - shown in note 23 (Revenues / Financing Costs)- are due to the balance of the outstanding balance between Ascom Precise Metals Ethiopia and Ascom Geology and Mining Ethiopia, which are wholly owned by the company, worth US $ 27,928,560 as of 31/03/2017. In case if the exchange rate is not taken into account, the net loss in the consolidated statements of income of the company is a loss of LE 21,695,565.
The Release (1,052 KB)