{"id":46138,"date":"2013-09-18T09:18:49","date_gmt":"2013-09-18T07:18:49","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=46138"},"modified":"2013-09-18T09:19:50","modified_gmt":"2013-09-18T07:19:50","slug":"jasco-swings-to-full-year-loss","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/it-services\/46138\/jasco-swings-to-full-year-loss\/","title":{"rendered":"Jasco swings to full-year loss"},"content":{"rendered":"<p>Despite breaching the R1 billion revenue mark in 2013, listed ICT player,\u00a0<a title=\"Jasco Electronics Holdings\" href=\"http:\/\/businesstech.co.za\/forum\/showthread.php\/3481-Jasco\">Jasco Electronics Holdings<\/a>\u00a0has on Wednesday (18 September) reported a pre-tax\u00a0loss of\u00a0R93.5 million for the year ended June 2013.<\/p>\n<p>The group&#8217;s revenue increased by 16% to R1.15 billion (2012: R990 million), while\u00a0operating profit before interest and taxation including these once-off impacts\u00a0decreased significantly from a prior profit of R31.2 million in 2012.<\/p>\n<p>Headline earnings per share was down 98% to 0.3 cents per\u00a0share, from 16.8 cents per share in 2012.<\/p>\n<p>Jasco pointed out that it is at the end of year two of its three-year restructuring programme.<\/p>\n<p>&#8220;The group has made good progress, with the current year&#8217;s focus being\u00a0on corrective action. This resulted in decisive action in the underperforming\u00a0areas of the business, which impacted the results,&#8221; it said.<\/p>\n<div id=\"attachment_46156\" style=\"width: 610px\" class=\"wp-caption aligncenter\"><a  data-lightbox=\"post-image\" href=\"http:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2013\/09\/Jasco-Profit-Loss.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-46156\" class=\"size-full wp-image-46156\" alt=\"Jasco Profit-Loss\" src=\"http:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2013\/09\/Jasco-Profit-Loss.png\" width=\"600\" height=\"463\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2013\/09\/Jasco-Profit-Loss.png 600w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2013\/09\/Jasco-Profit-Loss-300x231.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><p id=\"caption-attachment-46156\" class=\"wp-caption-text\">Jasco Profit-Loss<\/p><\/div>\n<p>The corrective action taken resulted in the strategic exit from certain\u00a0manufacturing businesses:<\/p>\n<ul>\n<li>Lighting Structures was sold to LeBlanc International in December 2012;<\/li>\n<li>Telecommunications Structures was sold to LeBlanc International in 2013;<\/li>\n<li>M-TEC is currently &#8220;held-for-sale&#8221;;<\/li>\n<li>Jasco&#8217;s 50.5% investment in Telecommunications Structures was also\u00a0classified as an asset &#8220;held-for-sale&#8221; and was sold post year end.<\/li>\n<\/ul>\n<p>In August, Jasco noted that it was in talks with Korean shareholder, Taihan Electric\u00a0Wire Company, over the sale of its\u00a051% share in M-TEC.<\/p>\n<p>Looking ahead, Jasco said its\u00a0board is considering various capital raising options which may include a rights issue ranging between R30 million to R60 million planned for the first half of F2014.<\/p>\n<p>It added that in the first half of 2014, further restructuring costs will impact results, with the second half to show an\u00a0improvement.<\/p>\n<p>&#8220;The full benefits of the three-year restructuring programme will be seen from 2015,&#8221; Jasco said.<\/p>\n<p>On the positive side, Jasco said that major milestones achieved during the first two years of the restructuring\u00a0programme have included:<\/p>\n<ul>\n<li>\u00a0The consolidation of five business units;<\/li>\n<li>The removal of several management positions and one management level;<\/li>\n<li>The de-registration or sale of 13 legal entities;<\/li>\n<li>Creating a single Jasco brand from numerous disjointed brands;<\/li>\n<li>Growing the order intake from R800 million in 2011 to R1.2 billion\u00a0in 2013;<\/li>\n<li>Expanding into 11 new product and market segments;<\/li>\n<li>Reducing customer dependency, with no customer being more than\u00a08% of group revenue (2011: 10%).<\/li>\n<\/ul>\n<h3 class=\"my-4\">More news on Jasco<\/h3>\n<p><a title=\"Jasco targets LTE growth\" href=\"http:\/\/businesstech.co.za\/news\/telecommunications\/31345\/jasco-targets-lte-growth\/\"><strong>Jasco targets LTE growth<\/strong><\/a><\/p>\n<p><a title=\"Jasco sees profits fall amid restructure\" href=\"http:\/\/businesstech.co.za\/news\/it-services\/31303\/jasco-sees-profit-fall-amid-restructure\/\"><strong>Jasco sees profits fall amid restructure<\/strong><\/a><\/p>\n<p><a title=\"Jasco expects earnings dip\" href=\"http:\/\/businesstech.co.za\/news\/it-services\/31027\/jasco-expects-earnings-dip\/\"><strong>Jasco expects earnings dip<\/strong><\/a><\/p>\n<p><a title=\"Jasco to improve Cell C network?\" href=\"http:\/\/businesstech.co.za\/news\/mobile\/27840\/jasco-to-improve-cell-c-network\/\"><strong>Jasco to improve Cell C network?<\/strong><\/a><\/p>\n<p><strong><a title=\"Jasco eyes bigger play in SADC region\" href=\"http:\/\/businesstech.co.za\/news\/general\/22474\/jasco-eyes-bigger-play-in-sadc-region\/\">Jasco eyes bigger play in SADC region<\/a><\/strong><\/p>\n<p><a title=\"Jasco concludes Midrand HQ disposal\" href=\"http:\/\/businesstech.co.za\/news\/telecommunications\/21583\/jasco-concludes-midrand-hq-disposal\/\"><strong>Jasco concludes Midrand HQ disposal<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Listed ICT player, Jasco Electronics Holdings has reported a pre-tax loss of R93.5 million for the year ended June 2013.<\/p>\n","protected":false},"author":9,"featured_media":31325,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[26,893],"class_list":["post-46138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-it-services","tag-headline","tag-jasco"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/46138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=46138"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/46138\/revisions"}],"predecessor-version":[{"id":46158,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/46138\/revisions\/46158"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/31325"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=46138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=46138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=46138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}