Cairo – Mubasher: Beltone Financial Holding reported a 132.6% year-on-year increase in its net losses during the first nine months of 2019.

The company’s losses (attributed to the parent company's shareholders) widened to EGP 63.3 million in the January-September period, compared to EGP 27.2 million in the year-ago period, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Thursday.

Meanwhile, revenues retreated to EGP 10.23 million in the nine-month period ended 30 September from EGP 17.5 million in the corresponding period a year earlier.

At the level of standalone financials, the company’s losses amounted to EGP 20.5 million at the end of September, compared to EGP 23.08 million a year earlier.

As for the third quarter of the year, Beltone Financial Holding suffered losses of EGP 20.8 million, compared to EGP 26.5 million in Q3-18.

It is worth mentioning that during the six-month period ended 30 June, the EGX-listed firm’s losses hiked to EGP 48.4 million from EGP 887,025 in H1-18.