KINGSTON, Jamaica — LASCO Distributors Limited in its just released unaudited results for the first quarter ending June 20, 2020 highlighted improved revenue and profits.

Net profit for the period was $258 million which was a 57.4 per cent increase when compared to the corresponding period of the prior year. Revenues was $4.7 billion or 8.7 per cent above revenues for the same period of the previous year. Operating profit stood at $317 million, an increase of 69.5 per cent on the prior year.

The much-improved profit outturn was fuelled by the revenue growth, significant gains in operational efficiencies and cost containment.

Administrative expenses were contained at $652 million or a reduction of 10.7 per cent on the comparative quarter of the prior year.

The nutritious powdered beverage category, canned foods and pharma returned strong performance throughout the period while the liquid refreshing beverages category

underperformed due to the closure of schools, the hospitality industry and the reduction of out of home consumption in general, as a result of the pandemic.

The company has been proactive in engaging with its partners and suppliers to ensure the availability of supplies given the potential impact of the COVID-19 pandemic to

disrupt the supply chain, while adapting its internal processes to meet the associated challenges.

Total assets at the end of June were $9.8 billion, an increase of 14.4 per cent compared to the same period last year. Inventories decreased by $335 million or 12.4 per cent to close at $2.4 billion. Trade receivables were $2.0 billion, a reduction of 4.1 per cent compared to prior year, while trade payables increased by $560 million, an increase of 20 per cent on the prior year.

Cash and short-term investments taken together closed at $2.6 billion compared to $1.2 billion for the same period last year.

Total loans owing at the end of the period was $73 million compared to $270 million in the previous year.