Egypt's Asec mining co. hits net loss of $2.5 mn in H1/2013

Ahram Online, Tuesday 20 Aug 2013

Egypt's mining company, Asec, reports YoY larger losses for the first half of 2013, but an official chalks most of it up to uncollected debts and taxes

Egypt’s geology and mining company, Asec, announces net losses in the first six months of 2013, reaching LE17.8 ($2.5 million) compared to net losses of LE15.2 million ($2.1 million) in the same period last year, but a company official explains away some of these losses.

The report released on Tuesday reveals the consolidated financial results for the first half of 2013.

The Cairo-based private equity firm Citadel Capital has 39 percent share in Asec, which has expanded its operations in North and East Africa through a number of cement plants and developing mining operations to quarry raw materials and precious metals to serve the cement and construction industry.

A company official tells Ahram Online that the pre-tax financial results of the first six months of 2013 recorded losses of LE13.8 million ($1.9 million), representing 12 percent down from losses in the same period in 2012.

"We have shouldered high taxes this year, worth around LE4 million [roughly $572.4 thousand]," explains the official.

He also explains that in total, some of their clients owe them LE6 million (roughly $858.6 thousand), which contributes to their "losses" on paper.

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