Revenues went up by J$813.93 million to J$5.47 billion

Lasco Manufacturing recorded a 17 per cent increase in net profit during the half-year period ended September 30, 2022.

Net profit for the period amounted to J$882.78 million compared to J$782.09 million in 2021, an increase of 13 per cent year over year. Net profit for the September quarter closed at J$468.70 million, up 23 per cent from the J$380.333 million booked a year ago.

Taxes for the half year totalled J$360.58 million, up from J$327.02 million in 2021. Earnings per share (EPS) for the review period came out at J$0.21 relative to J$0.19 in 2021. For the quarter, EPS was J$0.11 (2021: J$0.09).

For the half year, revenues increased by J$813.93 million or 17 per cent to total J$5.47 billion relative to the J$4.66 billion booked for the comparable period in 2021. For the second quarter, total revenue closed at J$2.87 billion (2021: J$2.34 billion), a 23 per cent rise year over year.

Cost of sales amounted to J$3.50 billion (2021: J$2.95 billion), an increase of 19 per cent year on year. As a result, gross profit of J$1.97 billion was recorded for the period, 15 per cent more than the J$1.71 billion booked in September 2021.

Other operating losses posted

Lasco Manufacturing posted other operating losses of J$23.68 million, compared to other operating income of J$50.97 million reported for the prior year. For the quarter, other operating loss totaled J$9.93 million in contrast to other operating income of J$16.34 million in the previous comparable quarter.

Operating expenses closed at J$690.04 million compared to J$622.89 million booked for the corresponding period last year. Operating expenses increased by 19 per cent for the second quarter amounting to J$378.33 million (2021: J$318.63 million).

Finance costs for the six months declined by 49 per cent to J$14.80 million compared to J$29.07 million in the prior year’s comparable period. In the second quarter, finance costs declined 47 per cent to J$7.18 million (2021: J$13.47 million).

Total assets increased 13 per cent year on year to J$12.54 billion as at September 30, 2022 (2021: J$11.14 billion). The increase in total assets was mainly due to a 230 per cent increase in ‘Short-term investments’ to total J$1.22 billion (2021: J$369.42 million).

‘Long term investments’ and ‘Inventories’ also contributed to the growth closing at J$428.14 million (2021: J$221.03 million) and J$1.86 billion (2021: J$1.29 billion), respectively.

Total shareholders’ equity amounted to J$989 billion as at September 30, 2022 (2021: J$839 billion). Consequently, book value per share amounted to J$2.39 relative to J$1.2.03 in 2021.