{"id":53259,"date":"2014-02-18T08:58:17","date_gmt":"2014-02-18T06:58:17","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=53259"},"modified":"2014-02-18T08:58:17","modified_gmt":"2014-02-18T06:58:17","slug":"restructuring-costs-weigh-on-jasco","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/it-services\/53259\/restructuring-costs-weigh-on-jasco\/","title":{"rendered":"Restructuring costs weigh on Jasco"},"content":{"rendered":"<p>Listed ICT firm\u00a0<a title=\"Jasco Electronics Holdings\" href=\"http:\/\/businesstech.co.za\/forum\/showthread.php\/3481-Jasco\">Jasco Electronics Holdings<\/a>\u00a0on Tuesday (18 February), reported a 3.9% drop in revenue for the six months ended December 2013, to R530.4 million, citing restructuring costs.<\/p>\n<p>Operating profit before interest and taxation was 32.8% lower at R12.8 million.<\/p>\n<p>The once-off impacts on operating profit consisted of:<\/p>\n<ul>\n<li>H1 2014: R8.4 million restructuring costs;<\/li>\n<li>H1 2013: R1.8 million net write-offs consisting of:<\/li>\n<\/ul>\n<ol>\n<li>R8.8 million profit from the disposal of group&#8217;s head\u00a0office property;<\/li>\n<li>R4.5 million loss on disposal of Lighting Structures;<\/li>\n<li>R6.0 million restructuring costs.<\/li>\n<\/ol>\n<p>&#8220;As a consequence of once-off impacts and restructuring costs in the\u00a0prior year and this period, earnings per share (EPS) was down 51%\u00a0to 4.9 cents per share,&#8221; Jasco said.<\/p>\n<p>Headline earnings per share, however, increased by 6%\u00a0to 5.3 cents per share, from\u00a05 cents per share in 2012.<\/p>\n<p>Jasco noted that it is in the final year of its three-year restructuring programm, with costs incurred to\u00a0date set to continue until the end of H2 F2014.<\/p>\n<p>The group underwent a rights offer, which was concluded on 21 January 2014 and raised a net R55 million in funding.<\/p>\n<p>Looking ahead,\u00a0Jasco said its joint ventures\u00a0are planned to further assist with growth, particularly in the areas of\u00a0international voice and data connectivity and IT solutions.<\/p>\n<p>&#8220;ICT Solutions\u00a0will also continue to build on its African presence by focusing on\u00a0expanding the Enterprise footprint and building on its success achieved\u00a0in Namibia and Zimbabwe.&#8221;<\/p>\n<p>The group said it withdrew its cautionary announcement relating to the sale of M-TEC on 20 December 2013, due to protracted delays in the negotiations following unexpected shareholder and management changes at\u00a0Taihan.<\/p>\n<p>&#8220;Jasco&#8217;s strategy remains to exit this business,&#8221; it said.<\/p>\n<h3 class=\"my-4\">More on Jasco<\/h3>\n<p><a title=\"Jasco concludes rights offer\" href=\"http:\/\/businesstech.co.za\/news\/electronics\/52114\/jasco-concludes-rights-offer\/\"><strong>Jasco concludes rights offer<\/strong><\/a><\/p>\n<p><a title=\"Jasco seeking R57.6 million in rights offer\" href=\"http:\/\/businesstech.co.za\/news\/it-services\/49947\/jasco-seeking-r57-6-million-in-rights-offer\/\"><strong>Jasco seeking R57.6 million in rights offer<\/strong><\/a><\/p>\n<p><a title=\"Jasco swings to full-year loss\" href=\"http:\/\/businesstech.co.za\/news\/it-services\/46138\/jasco-swings-to-full-year-loss\/\"><strong>Jasco swings to full-year loss<\/strong><\/a><\/p>\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","protected":false},"excerpt":{"rendered":"<p>Jasco reported a 3.9% drop in revenue for the six months ended December 2013, to R530.4 million.<\/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":[25,893],"class_list":["post-53259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-it-services","tag-active","tag-jasco"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/53259","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=53259"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/53259\/revisions"}],"predecessor-version":[{"id":53264,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/53259\/revisions\/53264"}],"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=53259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=53259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=53259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}