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Trading Statement
JASCO ELECTRONICS HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration Number 1987/003293/06
Share code: JSC ISIN: ZAE000003794
(“Jasco” or “the company” or “the group”)
TRADING STATEMENT
During the year ended 30 June 2016, the group operated in adverse
trading conditions in South Africa, with low economic growth
alongside a volatile Rand. The exchange rate volatility resulted
in a significant unrealised foreign exchange loss at 30 June
2016.
Although these market conditions negatively impacted the second
half of the financial year, Jasco advises shareholders that
earnings per share (“EPS”) for the year ended 30 June 2016 will
be between 106% and 126% higher (between 2.3 cents and 10.1 cents
per share) compared to the loss of 38.7 cents per share for the
previous corresponding period.
Headline earnings per share (“HEPS”) will be between 154% and
174% higher (between 6.1 cents and 6.5 cents per share) compared
to the 2.4 cents per share for the previous corresponding period.
The weighted average number of shares in issue for the period
increased from 215 154 751 to 224 615 586. Jasco issued 10.9
million shares in the general issue of 28 April 2015, which had
a full weighting in the current period versus a partial weighting
in the previous period. This negatively impacted EPS and HEPS in
the current financial year by 4%.
The initial R20 million proceeds from the M-TEC sale were used
for the repayment of long term debt. In line with commitments to
the markets, the gearing level significantly improved.
The information in this trading statement has not been reviewed
or reported on by the company’s external auditors.
Shareholders are further advised that Jasco’s audited annual
results for the year ended 30 June 2016 will be announced on or
about 26 September 2016.
Midrand
16 August 2016
Sponsor
Grindrod Bank Limited
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