Updates from Jasco, Intervid

By Iain Scott, ITWeb group consulting editor

Johannesburg, 04 Feb 2004

Jasco Electronics says its results for the year to end February will not match those of the previous financial year.

The group has issued a trading statement saying that earnings will be at least 30% lower than last year.

However, the group has made good on a promise in October that it would end the year profitably, despite incurring a headline loss of 2.8c a share for the first half of the financial year.

Intervid says its results for the six months to end-December will show at least a 30% improvement by way of a reduction of both its net loss and cash usage.

"This is due to the success of the turnaround initiatives which are being implemented at Intervid," it says.

"Notwithstanding this improvement, considerable work is still required to complete the turnaround."

The Intervid share price was unchanged at 4c on the JSE yesterday, while the Jasco share lost 8c to close at 93c.