Company posted other loss of J$13.75 million reversing the gains made in June 2021 quarter
Jamaican manufacturing company, Lasco Manufacturing has seen a marginal improvement in its net profit for the June quarter, which totaled J$414.08 million compared to J$401.76 million in 2021.
This three per cent increase in net profit comes against the background of pre-tax profit amounting to J$565.09 million, an increase of two per cent from the J$555.34 million recorded for the previous year. Taxes recorded for the first quarter amounted to J$151.01 million, down from the J$153.58 million incurred for the corresponding period in 2021.
Total comprehensive income closed the quarter under review at J$526.29 million (2021: J$401.76 million). Lasco Manufacturing posted other loss of J$13.75 million versus other income of J$34.64 million reported in 2021.
For the three months ended June 30, 2022 Lasco recorded an increase of 12 per cent in total revenue of J$2.60 billion, relative to the J$2.32 billion recorded for the comparable period in 2021.
Cost of sales rising
Cost of sales for the quarter amounted to J$1.71 billion, up from J$1.48 billion in 2021, an increase of 15 per cent year on year. As a result, gross profit amounted to J$898.17 million, which is seven per cent more than the J$840.56 million booked for the June 2021 quarter.
Operating expenses increased by two per cent to close the period at J$311.71 million versus J$304.26 million booked for the corresponding period last year Consequently, Lasco recorded operating profit of J$572.71 million, a marginal increase of 0.3 per cent when compared to the J$570.94 million booked in 2021.
Finance costs for the first quarter sharply declined by 51 per cent to J$7.62 million compared to J$15.60 million in the prior year’s comparable period. Total assets increased nine per cent year on year, totaling J$12.27 billion as at June 30, 2022 (2021: J$11.23 billion).
The increase in total assets over the period was mainly due to a J$624.97 million or 48 per cent increase in ‘Inventories’ to total J$1.93 billion (2021: J$1.31 billion) and a 17 per cent increase in ‘Trade and Other Receivables’ to J$3.35 billion (2021: J$2.85 billion).
Total shareholders’ equity amounted to J$9.46 billion as at June 30, 2022 (2021: J$8.31 billion). Consequently, book value per share amounted to J$2.29 relative to J$2.01 in 2021.