Revenues also improving up 16% year-over-year
Lasco Manufacturing Limited has seen an increase in profitability during its combined three quarters of 2021.
Net profit for the three quarters under review totaled J$1.19 billion, which was 16 per cent over the J$1.02 billion in 2020, while for the December 2021 third quarter net profit amounted to J$403.29 million, up from J$281.14 million in 2020. Profit before taxation for the review period equaled J$1.71 billion, an increase of 32 per cent from the J$1.30 billion recorded in 2020.
Taxes for the combined three quarters amounted to J$521.45 million compared to J$279.07 million incurred for the comparable period in 2020. Total revenue for the nine month period was J$7.05 billion compared to J$6.19 billion in 2020.
Revenue increased J$329.18 million or 16 per cent to a total of J$2.40 billion in the December third quarter, relative to the J$2.07 billion recorded for the comparable quarter in 2020. Cost of sales for the review period amounted to J$4.42 billion (2020: J$3.84 billion), an increase of 15 per cent year on year.
For the third quarter cost of sales was recorded at J$1.48 billion in 2021 relative to J$1.31 billion in 2020, a 12 per cent increase. Lasco Manufacturing posted other income of J$67.38 million relative to other loss of J$28 million for the prior corresponding period in 2020.
Operating expenses cauterized
Other income for the December quarter was J$16.40 million was versus other loss of j$9.83 million in the similar period in 2020. Operating expenses decreased three per cent to close the review period at J$950.24 million versus J$982.81 million booked for the corresponding period in 2020.’
Expenses for the December quarter increased by four per cent to close at J$327.35 million (2020: J$314.97 million). Finance costs for the period fell 13 per cent to J$40.40 million compared to J$46.38 million in 2020.
Total assets increased by J$1.32 million (13 per cent) year on year, totaling J$11.64 billion (2020: J$10.32 billion) as at December 31, 2021. The increase in total assets was mainly due to a J$889.08 million or 68 per cent increase in ‘Cash and Bank balances’ to end the review period at J$2.19 billion (2020: J$1.30 billion).
In addition there was a J$160.54 million (74 per cent) increase in ‘Short-term Investment’ to total J$376.48 million (2020: J$215.95 million).