Technology group Jasco Electronics says it has narrowed losses in the six months to end-December 2020 after cutting costs by retrenching staff and selling non-performing businesses.
Profit before interest and taxation from continuing operations improved to R1.9m from a R6.2m loss previously. The company said this was mainly “due to significant cost savings across the group” that were offset by a R14m decrease in profit by its Datavoice business. The company said the difference between earnings and headline earnings for the year relates to a loss on the disposal of fixed assets and profit on the loss of control of ICT business Reflex Solutions.
Jasco, which acquired a 51% interest in Reflex in May 2017, said “the disposal transaction is well advanced”.
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