Jasco -
JASCO ELECTRONICS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/003293/06)
Share Code: JSC ISIN: ZAE000003794
("Jasco" or "the group")
TRADING UPDATE
In the 2003 Annual Report, issued to shareholders in May 2003, Jasco indicated
the sensitivity of its earnings to foreign exchange rates. Jasco derives more
than 30% of its revenue from exports. As indicated in the Annual Report, a
strong Rand impacts the international competitiveness of the group and results
in lower turnover and margins.
During the first four months of the current financial year, the Manufacturing
division performed in line with expectations and the Security division achieved
growth.
However, the strengthening of the Rand impacted on the performance of the
Telecommunications division, which traditionally produces more than 60% of the
group"s operating profit. Furthermore, the take up of products by two major
customers of the Telecommunications division has been slower than expected.
Whilst the order inflow in the Telecommunications division improved in June, and
is expected to continue improving, the directors consider it unlikely that this
shortfall will be fully recovered during the second quarter.
Shareholders are therefore advised that the results likely to be achieved by
Jasco during the first six months will be lower than the same period last year.
Fuller details, and prospects for the full year, will be provided with the
announcement of the half year results, expected to be during October 2003.
Woodmead
2 July 2003
SPONSOR
SASFIN CORPORATE FINANCE, A DIVISION OF SASFIN BANK LIMITED
Date: 02/07/2003 08:45:03 AM Supplied by www.sharenet.co.za
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