Cairo – Mubasher: Beltone Financial Holding on Sunday posted a year-on-year surge in losses on the back of higher salaries sand commissions in foreign markets.

The investment banking and brokerage company said its losses soared by 1,245% to EGP 22.87 million in Q3-17 from EGP 1.7 million in the corresponding period of the year before, according to a filing to the Egyptian Exchange (EGX).

Higher salaries and commissions were the reason behind Beltone Financial’s losses in the three months ended 30 September as salaries surged to EGP 63.22 million in Q3-17 from EGP 22.7 million a year ago, while commissions from foreign markets amounted to EGP 37.35 million in Q3-17 versus nil in the prior-year period.

Meanwhile, revenues increased to EGP 5.1 million in Q3-17 from EGP 3.5 million in the same period of 2016.

At the level of the first nine months of the year, Beltone turned to losses with EGP 23.3 million against profits of EGP 2.39 million, the statement showed.

As for its standalone profits, Beltone logged EGP 8.32 million in losses in the nine-month period ended 30 September, a sharp rise from EGP 3.9 million in losses in the year-ago period.

Beltone had previously reported turning to profitability in the second quarter ended 30 June 2017 with EGP 13.5 million against EGP 9.12 million in losses in Q2-16.