It shaved 26.67percent off the share price on Friday after the group reported a loss of R19.38million in its results for the year ending in June, compared to a profit of R3.38m reported last year.
Jasco said it experienced a difficult second half in tough economic conditions, and management also implemented a number of corrective actions which exacerbated negative impact.
“Restructuring and closures were implemented to address under- performance in certain businesses. This resulted in the closure of three regional offices and the retrenchment of half the technical resources in Security, Fire and Technical Services. The Carrier Solutions business was also restructured in the last quarter, with the remaining business incorporated in Webb Industries under one management team,” the group said.
Jasco delivers technologies across Information and Communication Technology (ICT), security, fire, power and renewables. It closed the Middle East office in December last year and contractual obligations were closed out in the second half, without significant costs being incurred, and disposed its East Africa operation in Kenya. In the results, revenue was flat at R1.14billion and operating profit declined by 71.90percent to R11.35m, down from R40.39m compared to last year.