Jasco issues trading update

By Iain Scott, ITWeb group consulting editor

Johannesburg, 18 Oct 2005

Jasco Electronics has told shareholders to expect an increase of between 35% and 45% in headline earnings for the six months to 31 August.

The figures, scheduled for publication on 31 October, include the impact of International Financial Reporting Standards (IFRS) for the first time.

The company, which operates in the telecoms, manufacturing and security arenas, says in a trading update issued this morning that after restating the figures for the previous interim period to comply with IFRS, the increase in headline earnings per share will be between 37% and 47%.

Earnings per share, also in compliance with IFRS, will be 150% to 170% higher than the previously reported figures.

However, the increase is expected to be between 30% and 40% higher than the restated figures for the prior-year period.

Jasco achieved net income of R2.62 million in the six months to August 2004, compared with a R4.8 million loss a year earlier. It reported earnings of 3.8c a share and headline earnings of 7.4c a share.

Joe Madungandaba took over as CEO of Jasco at the end of August, replacing Stuart Robertson, who has taken up a post at Community Investment Holdings, Jasco`s empowerment shareholder.