LASCO Group outperformed the harsh economy growing its quarterly profit within all listed segments by 35 per cent for Manufacturing, 10 per cent for Financial Services and even reversing the loss made in Distribution year on year.

The growth represents another round of strong results for these segments listed individually in 2010 on the Junior Stock Exchange.

“Our company continued to perform well,” stated Dr Eileen Chin, managing director at Lasco Manufacturing, whose division recorded a 16 per cent rise in its three-month quarterly revenues to $775 million over the similar period in 2009.

“This indicates strong market demand, but more importantly, it demonstrates that we have positioned ourselves to capitalise on that demand.”

Over nine-months its gross profit increased to $654 million or some 28.6 per cent over the similar period in 2009 due to a 16 per cent reduction in

its operating expenses. The Manufacturing division repaid its entire $333 million long-term loan portfolio in October 2010.

“This and the reduction of interest rate, contributed to finance cost of $28 million in comparison to $59 million in 2009,” stated Chin.

Also the manufacturing division appointed new distributors, extended its distributorship and developed partnering synergies.

Lasco Distributors managing director Anthony Chang stated that the division maintained

its market share amidst competition which allowed it to post $60 million quarterly profit compared with the loss

of $750,000 in the 2009

related quarter.

“Despite the increased competition on the retail shelves the company maintained its gains and vibrancy in the marketplace. Looking ahead, we will continue our focus on building our market presence whilst improving efficiencies,” he said about the company which recorded quarterly revenues of $1.7 billion up some 13 per cent year on year.

Finally, Lasco Financial Services (LFSL) grew its quarterly profit ending December 2010 to $17.5 million compared with $15.8 million in the 2009 similar quarter. This was aided by its rapidly expanded loan portfolio up 20 per cent. Looking forward investors can expect LFSL to grow its branch network of money transfer services subject to regulatory approval.

“We also have several money transfer locations at various stages of the application process, which require approval from the Bank of Jamaica (BOJ). Other products under contemplation are still being pursued, but are also subject to BOJ approval,” stated Jacinth Hall Tracey managing director of LFSL. “Although we continue to show strong market presence, we will continue an aggressive stance to ensure that we can recover from a weak first half. We are making the critical alliances to ensure that our position of number one MoneyGram agent will not be eroded in the near or distant future. We will also be pulling more strident strategies to ensure that we continue

to grow our share of the cambio market.”

Lasco raised some $416 million through its IPO and subsequent listing on the Jamaica Stock Exchange (JSE) Junior Market in September. Lasco Group initially cost $2.50 for each of its three subsidiaries representing a 20 per cent portion in each

of the companies. Lasco Manufacturing, the top performer on the junior exchange, has more than doubled its price since

listing. Yesterday Lasco Manufacturing, Distribution and LFSL traded at $6.31; $4.31 and $2.62.