Cairo – Mubasher: Beltone Financial Holding posted on Tuesday a consolidated net loss of EGP 14.02 million for the first quarter of fiscal year 2017, against a consolidated net profit of EGP 13.28 million for Q1-16.
Revenues for Q1-17 increased to EGP 95.19 million from EGP 49.32 million for Q1-16, according to a bourse filing.
The company attributed the turn to losses to the increase in salaries and expenses to EGP 59.47 million and EGP 39.8 million, respectively.
Standalone net losses reached EGP 2.47 million in Q1-17, versus profits worth EGP 963,700 in Q1-16.
The stock fell on Monday by 1.33% to EGP 11.87.
