Earnings Watch: Beltone Financial Holding

EARNINGS WATCH- Beltone Financial Holding reported a consolidated net loss of EGP 14 mn in 1Q2017, down from a net profit of EGP 13.3 mn in 1Q2016. The net loss came despite revenues growing to EGP 95.2 mn in 1Q2017, up from EGP 49.3 mn same period last year. The acquisition of a 60% stake in Auerbach Grayson & Company drove up Beltone’s salary outlay up by EGP 34.5 mn to EGP 59.5 mn in 1Q2017 from EGP 21.2 mn in 1Q2016. Other expenditures that included rent, maintenance, communications, and travel also went up by EGP 23.4 mn to EGP 39.8 mn in 1Q2017 from EGP 10.0 mn a year earlier.