First quarter profit falls at Lasco Financial Services


First quarter profit falls at Lasco Financial Services

Sunday, August 25, 2019

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Lasco Financial Services Limited (LFSL) reported on Wednesday (August 14), an unaudited net profit of $91.1 million for the company's first quarter ended June 2019, despite a nine per cent decrease when compared to the corresponding quarter in 2018.

In the report to shareholders, LFSL indicated that revenues for the period under review amounted to $654.4 million, an 18 per cent increase when compared with the corresponding period in 2018; this increase was driven by growth in transactions mainly from the loans business over the corresponding period.

The company's total expenses for the first quarter increased by $93.9 million or 25 per cent, as a result of transformational expenses, taxation, finance cost for working capital, and growth in staff.

Managing director Jacinth Hall-Tracey indicated that LFSL closed the quarter with total assets of $4 billion for the period under review, a year over year increase of 14 per cent.

Cash and short-term deposits, on the other hand, decreased by $329 million or 61 per cent as a result of the continuous growth in the loans portfolio and an increase in other operational receivables, which was subsequently settled after the quarter.

“Management continues to implement strategies and initiatives to maximise on opportunities in the market, and will continue to focus on superior financial performance, improvement and efficiencies in processes, the appropriate technology, and to strengthen the relationships with our staff, agents and customers to drive its strategic objectives for the 2019/2020 financial year and beyond,” Hall-Tracey said.

Earnings per share ended at $0.0720, a decrease when compared with the $0.0795 recorded in 2018.

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