Lasco Distributors (LASD), in unaudited financials published in the last week, said that revenues climbed to $10.9 billion for the nine months of the current financial year due mainly to new business. The principal activity of the company is the distribution of pharmaceutical and consumable items.

Revenue was up 36 per cent year on year, compared to December 2014 when around $8 billion flowed into the company’s coffers for the nine months.

Profit made to December 31 was $592.0 million, which was 50 per cent or $197.1 million more than the same period last year.

For the third quarter, profit after tax was $212.5 million, compared to $192.94 million for the December 2014 quarter. Now that it has passed the five-year mark as a Junior market company, LASD must pay half of the income tax requirement for corporates, a fact reflected in the $26.07-million charge for the December quarter.

For the first five years, profit was tax-free, but for the current five, LASD will pay half of the 25 per cent tax placed on non-financial firms.

Revenue for that quarter was $4 billion.

In its preface to the financials, management said the company earned other operating income, which includes commissions and interest on investments of $82.5 million, an increase of 19 per cent compared to the prior year amount of $69.1 million.

Managers said the company experienced an 11 per cent jump in operating expenses which climbed to $1.2 billion, and which they said reflected inflationary increases as well as costs related to their growth strategy for new principal lines of business.

“Management remains committed to containing operating costs, in spite of the challenging economic environment,” it was observed.

Lasco Distributors grew total assets at December 31 to $7.1 billion, an increase of $2.5 billion or 54 per cent over the prior year. Management said the growth was driven mainly by additional inventory arising from new business lines, and capital expenditure relating to its warehouse expansion project.

Cash balances of $ 848.84 million at December reflected more than twice the levels of the previous year which was $300.9 million.

At the nine-month close, shareholders’ equity stood at $3.4 billion, or 26 per cent growth over the prior year, while the return on equity for the nine- month period was 27 per cent compared to 22 per cent in the same period last year.

The company’s shares were listed on the Junior Market of the Jamaican Stock Exchange in October 2010 at $2.50 per share. The stock traded at $7.77 on February 4, reflecting a 46 per cent increase in price over 12 months.