Elhim Iskra’s August’16 sales down by 0.2% YoY; September revenue expected to decline by 5.8% YoY (NEUTRAL)

Elhim Iskra announced preliminary sales of BGN 2.5m for August’16, down by 0.2% YoY and 13.9% MoM, and 3.0% above the management forecast. The preliminary EBT for the month added 57.9% YoY to BGN 120k, as the EBT margin was 4.8% vs 3.0% in August 2015. The company expects its September’16 revenue to decrease by 5.8% YoY (-0.9% MoM) to BGN 2.5m, leading to 9-mo’16 sales of BGN 24.9m, up by 5.4% YoY.