LASCO Manufacturing recorded a 33 per cent increase in its profit as it moves closer to completing its new plant.

The company posted $158.7 million in net profit for the three months ended December 31, 2012, which was $39.8 million more than it earned during the comparative period.

“The quarter has been encouraging for us as we move closer to the completion of our new plant, and we are looking forward to seeing its completion very shortly,” said Lasco Manufacturing in its latest financial statements.

Profit for the manufacturer of soy-based products rose on increased revenue, which climbed from $751 million during the three months to Decemer 31, 2011, to $869 million during the quarter under review.

Higher sales outpaced increased cost of sales, which rose by 17 per cent year over year, from $541 million to $634 million.

It also cut its operating expenses by 25 per cent, from $104 million to $77 million during the three months ended December 31, 2012.

“The continued uncertainty in the global economy and in Jamaica, has made the company more steadfast in maintaining its cost control, cost containment and cost management programmes,” said Lasco.

Lasco said that it committed itself to some new initiatives such as continued product development and the accreditation of its operation.

The company’s capital expenditure up to December last year totalled $1.5 billion and loan drawn down was $790.1 million, compared to the $1.36 billion in capital spends and the $350 million drawn down of the approved $1.4 billion at the end of September.

“We have not borrowed as originally anticipated as we have utilised out internally generated cash flow to facilitate these spends,” the company said.

In addition to modern and energy efficient machinery, Lasco said that the new facility will house a state-of-the-art laboratory.

Staff and interest costs associated with building the new plant actually pulled down the manufacturer’s bottom line by two per cent during the three months to September 30, 2012.

Lasco Manufacturing broke ground in January for a state-of-the-art factory on 25 acres of land in White Marl, St Catherine.

The development is expected to create 250 jobs and feature a modern and highly efficient processing plant.