(Ecofin Agency) - Tunis Stock Exchange-listed Electrostar ended the fourth quarter of 2019 on a turnover of TND2.1 million, down 85% compared to TND14.6 million the same period in 2018.

The company specializing in the distribution of household and electronic equipment (vacuum cleaners, air conditioners, hi-fi products, and household equipment) explains this result to be caused by the delay in the granting of credit lines by its banking partners.

The group said its activity has been negatively impacted by the increase in bank rates and the fall in consumer purchasing power. Under these conditions, the company ended the year on 31 December 2019 with a revenue of TND9.4 million, down 75% YoY. Also, the value of its shares fell to 2.82% on the stock market.

Chamberline Moko