Business

Second quarter profit up for LASCO Manufacturing

Sunday, November 03, 2019

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LASCO Manufacturing on Wednesday (October 30) reported an unaudited after-tax surplus of $280 million for the company's second quarter ended September 30, 2019. This represents a 5.5 per cent increase when compared with the corresponding period last year.

Managing Director James Rawle, in reporting to shareholders, indicated that revenue for the quarter under review amounted to $2.060 billion, while operating profit totalled $359.2 million.

He further noted that LASCO's gross margin for the second quarter increased to 37 per cent, mainly due to the company's improvements in operational efficiencies.

According to Rawle, LASCO's administrative expenses for the period under review were $391.8 million or 13.8 higher than in the previous year, which resulted in an expense to sales ratio of 17 per cent.

For the six months ended September 2019, LASCO Manufactuing's profit amounted to $562.5 million, a 12 per cent increase than the net profit recorded in the corresponding six months of the prior year.

Rawle further indicated that revenue amounted to $3.84 billion, a 1.3 per cent increase when compared with the $3.80 billion recorded in the corresponding period of the previous year, while operating profit was $714 million.

The company's total assets at the end of September 30, 2019 stood at $8.94 billion, an increase of 3.3 per cent over the corresponding period last year.

While trade and other receivables were $2.1 billion or 14 per cent below the prior year, the company was able to decrease their trade payables by 22 per cent.

— Abbion Robinson


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