The LAB's six-month profit up 31%Friday, June 18, 2021
Advertising agency The Limners and Bards Limited (The LAB) is reporting an unaudited after-tax profit of $113.6 million for the six-month period ended April 30, 2021, a 31 per cent or $29.9 million increase when compared with the previous corresponding period.
Revenue for the period under review amounted to $619.1 million, up 31.3 per cent when compared with the $471.4 million recorded in the prior corresponding period. This growth, according to CEO Kimala Bennett, was driven by growth in its media division (up $43.5 million or 18 per cent) and production division (up $106.7 million or 83 per cent).
The company's total asset for the period stood at $714.8 million, a 19.48 per cent increase over the corresponding period last year. Shareholders' equity also increased by 19.8 per cent to $507.8 million in the six-month period under review, up from the $423.8 million recorded in the previous corresponding period.
In addition, administration expenses increased by $22 million, or 28 per cent, in comparison to the previous six-month period, primarily attributable to staff costs, repairs and maintenance of production equipment and depreciation and amortisation charges. However, Bennett noted that even with this increase, administrative expenses as a percentage of revenue remains relatively flat at 16.2 per cent compared to 16.7 per cent in the previous period.
Earnings per share for the period under review ended at $0.12, an increase compared with the $0.09 recorded in the prior corresponding period.
The LAB created history by becoming the first of its kind to list on the Junior Market of the Jamaica Stock Exchange in 2019.
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