Jasco Electronics posted a sharp fall in earnings and headline earnings in the year to end-June, which it blamed on a raft of "unusual" expenses. Revenue fell 3% to just over R1bn and operating profit ticked up 1% to R42m. After-tax profit dropped 23% to R12.3m but earnings per share were 43% lower at 3.6c and headline earnings per share fell 61% to 2.5c. The company, which supplies electronics products and services to sectors including telecommunications, IT, energy, industrials and security, said among the unusual expenses was R4.3m to exit unprofitable contracts in the security sector. It spent R3m in "further business development costs" in East Africa, where it enjoyed strong volume growth of 58% — but off a low base. The failed acquisition of Cross Fire cost Jasco R2.2m. That R52m deal would have given Jasco a top-three player in fire-fighting and fire detection, but was turned down by the competition authorities. Jasco paid down debt in the year, as it received the balance due...
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