Jasco’s full-year losses widen
JSE-listed Jasco on Friday reported a widened loss and headline loss a share for the financial year ended June 30.
The group’s loss for the year attributable to ordinary shareholders widened to R29.1-million during the year under review, from a loss of R7.7-million in the prior financial year.
A loss a share of 12.9c was posted for the year ended June 30, compared with a loss a share of 3.3c the year before, while the headline loss a share was 10.7c, compared with the 1.5c loss a share reported in the prior year.
Operating profit before net interest decreased from R40.4-million in 2018 to R11.3-million in the year under review, Jasco said in a statement to shareholders on Friday.
On an operating performance basis, business unit operating profit before depreciation and amortisation increased by 4% to R118.9-million.
Gross profit for the period increased from R360.5-million to R390.8-million, while the group’s gross margin increased to 34.4% from 31.4% last year.
Jasco’s net operating margin of 1% was down on last year's 4%, mostly owing to one-off head office costs and impairments of goodwill and loans to associates.
Revenue was flat at R1.14-billion.
Management implemented a number of corrective actions during the year, which impacted profitability, the company said in a statement.
“Jasco's working capital management remained an area of focus during the year, with a pleasing reduction in short-term receivables and payables,” it said.
“The statement of cash flows reflects an inflow in cash generated from operations before working capital changes of R75.8-million, compared with R94.4-million in 2018.”
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