Cairo – Mubasher: Beltone Financial Holding on Wednesday said it has turned profitable during the first quarter of 2018 due to higher revenues.

The company has achieved a profit of EGP 760,200 in Q1-18, versus EGP 8 million in losses in the year-ago period, including minority shareholders’ rights, Beltone said in a filing to the Egyptian Exchange (EGX).

Revenues grew to EGP 182.4 million in the three-month period ended March 2018, from EGP 130.5 million in Q1-17.

The investment bank has also posted standalone losses of EGP 7.1 million in Q1-18, against losses of EGP 2.47 million in the prior-year period.

Beltone had previously reported losses of EGP 14.25 million for the full-year 2017, compared to profits of EGP 44.27 million a year earlier.