Very disappointing compared to our estimates
During Q4 2016, UADH’s consolidated revenues were down by 2.4% to TND93.108 due to: 1/ a 15.9% yoy regression in Automotive Filters’ revenues which reached TND3.12m. 2/ A 1.8% yoy decline in the Automotive revenues which established at TND89.988m. The gross margin collapsed by 15.6% to TND11.224m (against TND13.292m a year earlier), bringing down the gross margin rate to 12.05% vs. 13.9% in Q4 2015.UADH ended the year with a 4.4% yoy decline in consolidated revenues, moving from TND368.504m on 31/12/2015 to TND352.402m on 31/12/2016.
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