LASCO Distributors Limited (LASD) for its first quarter or three-month period which ended in June, grew revenues to $5.7 billion — 22 per cent more than that it earned in the same period last year.

The company in its latest financial report said that the growth in sales stemmed from positive performances in all key categories, led by its flagship LASCO Food Drink brand which continued to expand its leadership position and as its beverage portfolio benefited from the reopening of several distribution channels which were closed last year due to the novel coronavirus pandemic.

“The positive first quarter built on the solid positive performance of the prior financial year and is due to the dedication and professionalism of our people during these challenging times,” said Managing Director John De Silva.

At the end of the three-month period the company also saw its net profit climb to $292 million — $34 million more than that of the corresponding period in 2020. Shareholders’ equity also increased to $6.8 billion for the quarter while total assets stood at $11.9 billion at the end of June.

The company which forms part of the wider LASCO group also indicated that growth within its distribution of pharmaceutical products under its health-care portfolio also delivered strong growth, leveraging relationships with strategic multinational partners including AstraZeneca, Bayer and Roche in categories ranging from ethical, over the counter (OTC), animal health and equipment, as well as its own private brand of generics under the LASMED brand name.

The company, which during the quarter also serviced some $13 million in debt, said that this final short-term portion of debt has resulted “in a long-term, debt-free position at the end of the quarter”. Following some delays in expansion projects at its White Marl, St Catherine, and Red Hills, St Andrew, locations due to the pandemic, the company said the projects were now back on track through which it is seeking to add 62,000 square feet to its White Marl space and 20,000 square feet to its pharmaceutical division.

“LASCO Distributors continues to adapt its operating model to an ever-changing environment while executing its strategy to achieve its objective of sustainable profit growth,” De Silva said, adding that, “the pandemic has created challenges and opportunities to serve consumers in more innovative ways and reshape the organisation and strengthen relationships with our partners.”