Jasco Electronics voluntarily suspended trading in its shares on the Johannesburg Stock Exchange (JSE) yesterday and withdrew its latest financial results statements which were released last week.
"Unfortunately, the company erroneously referred to the results being 'audited' in the announcement," the group said in a statement.
"Certain financial disclosures in the notes to the annual financial statements, for the year ended 30 June 2018, which are only of a technical nature, were not completed at the time of publishing on 27 September 2018. The company regrets any inconvenience this error has created."
"The issue was not the actual results but more around the disclosure notes, where the new audit firm wanted us to disclose more detail," Jasco CFO Warren Prinsloo told ITWeb in a telephonic interview.
"We are not expecting any changes to earnings or operating profit when the results are released again," he added.
When the results were announced last week, Jasco reported that full year revenue was up 10% to R1.15 billion while operating profit grew 28% year-on-year to R53.7 million and earnings were 9% higher at R8.8 million.
Although the group believes the updated, final annual financial statements will not reflect any major changes, the board decided "to act prudently" and retract the results. The group then applied to the JSE for the voluntary suspension of the listing of its securities, with immediate effect, until the updated financial statements are re-published on SENS.
Prinsloo says there were no trades on the Jasco shares on Thursday, 27 September or Friday, 28 September "so no one has been disadvantaged or advantaged" and share trading was suspended at 09h00 on Monday, 1 October.
Jasco says the changes to the notes will be finalised with the auditors "expeditiously".
'It is an urgent priority to release as soon as possible," Prinsloo told ITWeb as to when the new results can be expected.
The stock was suspended when the share was trading at 55c. The share price has declined by 6.67% over the past 12 months.
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