In a strange twist on Monday, technology group Jasco retracted its results for the year ended June, saying it had "erroneously referred to the results being audited’’. The mistake was because some disclosures in the "notes" section of the company’s financial statements had not been completed and finalised with its auditors. Jasco said the updated, final version of the company’s results was unlikely to reflect any changes to profits, but the board decided to retract it anyway. The company said on Thursday its net earnings in the year to June rose 8.9% to a meagre R8.8m, as revenues grew 10.2% to R1.2bn. The company asked the JSE to suspend its shares on Monday, until its results were re-published. Fortunately, the small-cap’s stock is highly illiquid. Despite Jasco releasing results last week, no shares changed hands on Thursday and Friday, meaning that "no-one acted to their detriment on the June 2018 results as announced", the group said. In other words, besides being slightly emba...
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