| Wed 25 Mar 2009, 16:44 | | JSC - Jasco - Trading statement |
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JSC
JSC
JSC - Jasco - 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")
Trading statement
Jasco hereby advises that, for the twelve months ending 28 February 2009, the
company expects both earnings per share ("EPS") and headline earnings per
share ("HEPS") to be between 30% and 35% lower than the corresponding period.
This implies EPS and HEPS of between 31,9 cents and 34,3 cents per share
respectively.
The EPS and the HEPS were influenced by the following factors:
1. BEE transaction
The 2008 EPS and HEPS were calculated before the issue of 17,2 million
new ordinary shares in terms of Jasco`s BEE transaction concluded with
Community Investment Holdings (Pty) Ltd ("CIH") in March 2003. The
impact of this new issue of shares was to effectively dilute both EPS
and HEPS from the 49 cents per share reported for the year to 29
February 2008 to 39,1 cents per share. The adjusted EPS and HEPS of 39,1
cents per share provides a more realistic base when comparing this
year`s results. Accordingly, based on this adjusted number, EPS and HEPS
for the year ended 28 February 2009 are expected to be between 12% and
18% lower than the corresponding period.
2. M-TEC acquisition
Shareholders are reminded of the acquisition of 51% of the ordinary and
51% of the preference shares in cable manufacturing company, Malesela
Taihan Electric Company (Pty) Ltd ("M-TEC"). Jasco`s share of M-TEC`s
after tax earnings is included in the above results with effect from 1
June 2008. Due to the impact of the economic slowdown and the dramatic
decrease in commodity prices, the M-TEC result in the second half of the
year was extremely disappointing.
It should, however, be noted that Jasco`s historic businesses performed
solidly, increasing operating profit between 20% and 25% for the twelve
months ended 28 February 2009.
As Jasco changed its year end to June 2009 to coincide with its major
shareholders, the information in this trading update has not been reviewed or
reported on by the company`s auditors.
Jasco will announce its results on 2 April 2009.
Johannesburg
25 March 2009
Sponsor
PSG Capital (Pty) Ltd
Date: 25/03/2009 16:44:01 Produced by the JSE SENS Department.
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