Elhim Iskra November sales up 28% YoY, 2.7% decline expected for December (NEUTRAL)

Elhim Iskra announced preliminary sales of BGN 3.8m for November, up 28% YoY (+22.9% MoM) and exceeding the management forecast by 3.5%. Preliminary EBT for the month rose 121% YoY to BGN 362k as the EBT margin increased to 9.5% from 5.5% for November 2013. Preliminary sales for 11-mo declined 1.5% YoY to BGN 28.3m. EBT jumped to BGN 1.7m (+99% YoY) with the EBT margin up to 6.1% from 3% for the year-ago period. The company expects December sales to decline 2.7% YoY (-33% MoM) to BGN 2.5m and full-year 2014 sales to read BGN 30.8m (-1.6% YoY).