WHITE MARL, St Catherine — LASCO Manufacturing Limited (LASM) is reporting improved net profits for the quarter and half year ending September 30, 2020.

In a release this morning, the company said the gains were achieved in spite of the impact of the COVID-19 pandemic.

It listed net profit for the quarter July-September 2020 at $395.6 million, an increase of 41 per cent over the amount recorded for the same July-September quarter a year earlier. Revenue grew by 10.5 per cent over the prior year, with gross margin improving by 200 basis points.

The company said selling and administrative expenses were $357 million, or nine per cent less than the $391 million recorded for the same period of the previous year.

For the six-month period ended September 30, 2020, the company said its net profit was $737 million, an increase of 31 per cent over the previous corresponding period. Revenue grew to $4.1 billion, up by seven per cent over the same period of last year, while operating profit at $914 million was up by 28 per cent. Selling and administrative expenses were $667 million or seven per cent lower than in the corresponding period of the prior year.

“The results have shown continued improvement in key operating and financial metrics reflecting gains in operational efficiency, strict cash and cost management and a robust and agile response to the on-going impacts of the COVID-19 pandemic,” explained LASCO Manufacturing Managing Director James Rawle.

He added, “the evolution of the pandemic presents certain uncertainties in terms of impact on the business in the months ahead. LASCO continues to maintain its COVID-19 management protocols, business continuity measures, and agility in responding to the challenges.”