Elhim Iskra Feb’19 sales declined 8.4% YoY; expected to worsen further in March (NEGATIVE)

Elhim Iskra Feb’19 sales were close to the management’s guidance (-0.7%), declining 8.4% YoY to BGN 3.1m. EBT grew 16.4% to BGN 85k (2.8% margin, +0.6 p.p. YoY). The management’s forecast for March worsened, expecting an 18.4% decline in sales.