Jasco Electronics has issued a trading statement concerning the six months to 31 December 2020.
Although the group’s revenue has improved, it is still lower than the comparative six-month period the previous year.
However, cost-cutting and efficiencies have helped the operating profit before interest and taxation to improve from losses for the comparative six months to 31 December 2019 and for the year-end to June 2020 to a profit for the six months to 31 December 2020.
Jasco relinquished control of Reflex Solutions in September 2020, which resulted in the investment being equity accounted for part of the period, with a once-off net profit of R12,7-million being recognised.
Excluding this impact, the group would have still achieved a profitable position.
For the six months to 31 December 2020, the group expects an earnings per share (EPS) profit of at least 4.1 cents per share compared to a 6 cents loss per share for the previous
corresponding period; and a headline earnings per share (HEPS) loss for the six months ended 31 December 2020 of a maximum of 1.5 cents per share compared to the 5.2 cents loss per share for the previous corresponding period.
The weighted average number of shares in issue for the period decreased from 226 281 586 to 224 446 129 due to the increase in the number of shares held by the Jasco Share Incentive Trust on forfeiture of shares by participants during the second half of the previous financial year.