Cairo – Mubasher: Beltone Financial Holding turned into losses during the second quarter of 2016, according to a bourse filing.

The company logged EGP 9.12 million net losses ($1.02 million) against EGP 4.99 million profits ($561,000) for the year-ago period, taking into account minority rights, the consolidated results revealed.

Meanwhile, standalone net losses for the same period reached EGP 4.7 million versus EGP 135,400 profits for Q2-15.  

Q2 net losses were driven by wage increase to EGP 21.8 million compared to EGP 8.8 million for the second quarter of 2015.

Over the first half, the company earned EGP 4.2 million compared with EGP 10.7 million for the year-ago period, the consolidated results showed.

Meanwhile, the standalone results indicated that the company recorded EGP 2.3 million losses versus EGP 2.36 million for H2-15.