LASCO’S three publicly listed companies saw their combined second-quarter profit increase by 54 per cent, jumping from $237 million to $365.4 million.

The outstanding performer was Lasco Distributors, which more than doubled its net profit for the three months ended September 2013, moving from $53.6 million during the comparative period last year to $138.6 million during the review period.

This improvement was as a result of the company’s performance and recovery from the one-off adjustment to cost of sales which occurred in the comparative period last year, reported Peter Chin, the company’s managing director.

Sales increased by 10 per cent, moving from $2.1 billion during the second quarter last year to $2.3 billion during the comparative period this year.

Operating expenses increased from $316.5 million last year to $327.8 million during the quarter under review for the affiliate that distributes pharmaceutical products.

Meanwhile, Lasco Financial Services (LFL) saw its net profit increase by 64 per cent, up from $30.6 million last year to $50.3 million during the period under review.

The cambio operator and agent of MoneyGram International Money Transfer incurred expenses of $108 .2 million during the three months ended September 2013, an increase of 37 per cent over the corresponding period last year.

LFL teamed up with MoneyGram International to roll out a promotional campaign that will enable customers to win weekly prizes, including gift baskets, cash-back offerings and a trip to Brazil in 2014.

The $60-million campaign will give Jamaicans an opportunity to be part of a worldwide sporting spectacle while making a valuable contribution to the Jamaican economy through the MoneyGram Remittance Service, said Lascelles Chin, chairman of Lasco Group.

LFL spent $59.7 million on selling and promotional expenses during the quarter review, five per cent more than it did last year. It also incurred $48 million in administrative expenses, a 19 per cent increase over the comparative period last year.

Lasco Manufacturing Limited (LML) increased its sales by seven per cent during the quarter under review, up from $958 million last year to $1 billion during the quarter under review.

Net profit was $176 million during the review period, 15 per cent higher than last year.

“Our focus each and every day is to meet the demand of our customers both in the local and export market. We remain constructively discontent as we seek to make the most of the vast growth opportunities we continue to see around the world,” said Eileen Chin, managing director of the company.

The manufacturing arm that produces soy-based products did, however, cut its operating expense by 10 per cent during the three months ending September 2013, down from $108 million

“The fact that we delivered good top- and bottom-line growth in a challenging environment once again is a testament to the strong alignment and capabilities of our people,” she said.