Cairo – Mubasher: The consolidated financial statements of Beltone Financial Holding, one of the largest investment banks in the MENA region, posted an increase in net losses by 11% year-on-year (YoY) during 2019.

Annual Losses for last year stood at EGP 91.5 million, compared to EGP 82.4 million in 2018, according to disclosure to the Egyptian Exchange (EGX) on Tuesday.

In the meantime, revenues retreated to EGP 243 million from EGP 342.7 million.

Standalone financial statements showed that Beltone suffered EGP 202.43 million worth of losses, down from EGP 210.36 million in 2018.

It is worth noting that in the January-September period of 2019, the company’s losses attributed to the parent company's shareholders surged to EGP 63.3 million, compared to EGP 27.2 million in the year-ago period, including minority shareholders’ rights.