Jasco restructure costs to extend one more quarter
The ongoing costs of JSE-listed Jasco’s three-year restructure programme are expected to only continue until the end of the next quarter, as the restructure draws to a close.
Jasco, which had completed the first half of the final year of the restructure, embarked on the growth strategy to flatten the organisational structure, diversify business services and portfolios, grow market share, particularly the information and communication technology division, and expand throughout South Africa and the rest of the Southern African Development Community region.
Despite the first six months of 2013 being impacted by restructuring costs, the improvement in the group’s earnings was “gratifying”.
Jasco expected headline earnings a share to be up to 10% higher during the six months to December under review, than the 5c a share recorded during the corresponding period the year before.
The group’s earnings a share were expected to be between 47% and 57% lower than the 10.1c apiece achieved during the first half of the prior financial year.
“The reduction in this reporting period is primarily due to the results of the previous corresponding period to December 2012 incorporating the profit on the disposal of the Midrand property and the loss on disposal of Lighting Structures,” Jasco said in a statement.
Most of the group’s operational businesses, with the exception of the Security business, performed solidly during the period under review.
“The execution of Jasco’s growth strategy continues and the new base set will allow for the delivery of [high-]quality earnings and ensure the sustainability of the core businesses,” the company explained.
Jasco planned to release its interim results on February 18.
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