The company’s year ending 30 June 2014 results also reported an 85 per cent rise on its headline earnings to 0.9 million rand from 0.5 million rand in 2013.
However, the group’s revenue decreased by nine per cent to one billion rand from 1.15 billion rand in the same comparable period last year.
The revenue decline has been attributed to the group’s disposal of the lighting and telecommunications structures businesses.
[DATAJSC:Jasco Electronics Holdings Limited] also reported an operating profit rise from a loss of 93.5 million rand in 2013 to a profit of 17.6 million, mainly due to the non-recurrence of once-off impairments and write-offs.
The electronic and electrical products company saw a slump in the ICT Networks.
Jasco said the operating losses incurred, particularly during the second half, were a result of significant change in market conditions.
The company said it was positive over its Africa expansion projects.
“Good progress was seen in east African countries, with projects already won in Zimbabwe, Tanzania, Kenya and Mozambique. The group will continue to develop its regional strategy on a measured basis,” said the company.
The group added it will continue to increase the range of products and services sold into its existing customer base as part of its cross-selling activities.
Jasco Electronics is targeting cost savings on a more efficient overhead structure, combined with revenue and profit assurance plans to increase operating profit at a business unit and consolidated level.