Listed electronics company Jasco's earnings will drop by as much as 65% for the six months to December.
In a trading update issued to shareholders, the company states both headline and earnings per share will be between 55% and 65% lower. The company reported earnings per share of 23.4c and headline earnings per share of 23.5c for its interim results to August.
Jasco says the “decrease in earnings was primarily due to the continued impact of poor economic and market conditions”.
However, the company has since moved its year-end from February to June and, as a result, the better like-for-like comparison is with the six months to December.
Using that time period, headline and earnings per share will only be between 25% and 35% lower.
The news sent its share price down 14.14% yesterday, to close at 170c after opening at 182c.
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