JASCO’s share price dropped 15.98% to trade at R1.42 at about 1.47pm on Friday after the company said it expected half year headline earnings per share to drop by as much as 30%.
The company said headline earnings per share for the six months to December would be between 25% and 30% lower at between 4.8c and 5.2c from 6.9c per share in the six months to December 2011.
Earnings per share for the six months to December were expected to be between 55% and 60% higher than the previous corresponding period.
Jasco said the difference between the earnings per share and headline earnings per share "is due to profit on the disposal of property and the loss on disposal of Lighting Structures. Both of these disposals have a once-off impact."
The company said while the group’s core businesses performed "satisfactorily, adverse market conditions severely impacted the performance" of subsidiaries Lighting Structures and M-TEC, which reduced overall group profitability.
Jasco provides a range of products and services related to, among other things, electricity and telecommunications industries.