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CAIRO – 12 March 2018: Beltone Financial announced Monday that it reported earnings after minority amounting to LE 9 million in 2017, compared to LE 44 million in 2016.
The company added in a press release that by excluding the one-off FX gain of LE 87 million in 2016, the company would have reported a loss of LE 43 million in 2016.
On a standalone basis, Beltone earnings amount to LE 55 million in 2017, according to the release.
Beltone's revenues reached LE 700 million in 2017, compared to LE 231 million in 2016.
It attributed the rise of revenues to the acquisition of Auerbach Grayson (AG) in the U.S.
The statement clarified that by excluding AG from Beltone operations in 2017 and the one-off FX gain in 2016, Beltone standalone revenue still doubled year-on-year to LE 276 million, compared to LE 144 million in 2016.
Total expenses of Beltone recorded LE 704 million in 2017 up from LE 164 million in 2016, mainly due to the acquisition of Auerbach Grayson (AG).
On a standalone basis, Beltone expenses were up 29 percent year-on-year in 2017.
Standalone losses stood at LE 12.008 million last year, compared to profits of LE 37.7 million in 2016.
Beltone Financial Holding (known as: Beltone Financial) is a public company, listed on the Egyptian Exchange since April 2008.
Beltone Financial operates within the diversified financial sector focusing on investment banking & brokerage.
It has 20 subsidiaries operating across Egypt, Lebanon and China. Beltone Financial is based in Cairo, Egypt and was established in May 2006.