Cairo – Mubasher: Beltone Financial Holding on Thursday reported turning to losses in 2017 due to an increase in salaries and commissions.
Net loss amounted to EGP 14.25 million last year, compared to a net profit of EGP 44.27 million in 2016, including minority shareholders’ rights, the company said in a filing to the Egyptian Exchange (EGX).
Revenues climbed to EGP 696.7 million in 2017, versus EGP 231.05 million a year earlier.
The company attributed the 2017 loss to salaries that rose to EGP 303 million from EGP 90.16 million, in addition to losses from execution commission in foreign markets which amounted to EGP 171.9 million last year.
Standalone losses stood at EGP12.008 million last year, against profits of EGP 37.7 million in 2016.
