Consolidated net loss reached EGP 8,440,713 in Q1 2020, compared to EGP 33,343,610 incurred in the corresponding period.
Standalone net loss stood at EGP 14,654,346 in Q1, a 39% rise from EGP 10,506,048 incurred in Q1 2019.
In late April, the company said the sale deal of its U.S. subsidiary Auerbach Grayson has not been valued yet.
The company expects to execute the deal within 3 months, the statement added.
This move comes as part of Beltone’s strategic plan to focus on the Egyptian and neighbouring markets in the field of investment banking, it highlighted.
Beltone is an Egypt-based company, which operates within the diversified financial sector focusing on investment banking and brokerage. The company develops an online trading platform, called Beltone Trade, as well as provides brokerage services, asset management, investment banking, liquidity services in regional markets, and research and analysis services.
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