Monbat’s September cons EBT down 7% as sales decline 4% YoY (NEGATIVE)

Monbat’s September consolidated revenues decreased by 4% YoY to BGN 19m, while monthly EBITDA fell 2% YoY to BGN 4.5m as the EBITDA margin improved to 23.5% from 23% for September 2012. EBT for September was down 7% YoY to BGN 2.9m, reflecting EBT margin of 15.2%, down from 15.7% for September 2012. Cumulative sales for Q3’13, according to the preliminary figures, rose 13% YoY to BGN 57.6m, EBITDA increased 24% YoY to BGN 12m and EBT for the period rose 35% YoY to BGN 8m. Sales for 9-mo were up 25% YoY, EBITDA increased 28% YoY to BGN 28.8m and EBT jumped 48% YoY to BGN 17.9m. The management’s forecast for 2013 implies 72% YoY growth in sales for Q4’13 to BGN 111.4m (full-year sales forecast of BGN 283.3m) and 102% YoY rise in EBITDA to BGN 15.9m (full-year EBITDA projection of BGN 44.8m).