LASCO Manufacturing Limited (LASM)

Unaudited financials for the six months ended September 30, 2025:

LASCO Manufacturing Limited (LASM), for the six months ended September 30, 2025, reported a 1.6% decline in revenue, totalling $6.11 billion, compared to $6.21 billion for the corresponding period in 2024. Second-quarter revenue increased by 7.6% to $3.18 billion, up from $2.96 billion in Q2 2024.

Year to date, Cost of Sales amounted to $3.77 billion (2024: $3.89 billion), representing a 3% year-over-year decrease. Consequently, gross profit rose slightly by 1% to $2.34 billion, compared to $2.32 billion for the same period last year. For the second quarter, gross profit was $1.21 billion, versus $1.08 billion in Q2 2024.

Other Operating Income declined by 20% to $202.96 million (2024: $253.74 million), while Operating Expenses increased by 2%, moving from $800.78 million in 2024 to $815.60 million in the review period. As a result, operating profit for the six months amounted to $1.72 billion, a 3% decrease relative to $1.77 billion reported in 2024.

Finance Costs for the six months were $14.15 million, a significant increase of 460% compared to $2.53 million in 2024. For the second quarter, finance costs totalled $12.56 million (2024: $1.81 million). Profit before Tax stood at $1.71 billion, down 3% from $1.77 billion in the prior year.

The tax charge incurred for the six months amounted to $378.47 million, a 22% decrease from $486.76 million in 2024. For the second quarter, tax expense was $156.77 million (2024: $212.88 million).

Net Profit for the six months increased by 4% to $1.33 billion (2024: $1.28 billion). Unrealized gains on financial instruments for the period were $46.63 million, compared to $16,000 in 2024 – a substantial increase. For the second quarter, unrealized gains amounted to $29.49 million (2024: unrealized losses of $10.48 million).

Total Comprehensive Income for the six months ended September 30, 2025, was $1.38 billion, an 8% increase over $1.28 billion in 2024. For the second quarter, total comprehensive income was $741.60 million (2024: $568.17 million).

Consequently, Earnings Per Share for the six months amounted to $0.32 (2024: EPS: $0.31), while Earnings Per Share for the quarter totaled $0.17 (2024: EPS: $0.14). The twelve-month trailing EPS was $0.63, and the number of shares used in these calculations was 4,142,913,151.

Notably, LASM’s stock price closed the trading period on November 07, 2025, at a price of $6.35 with a corresponding P/E ratio of 10.05x.

Balance Sheet Highlights

The company’s assets totaled $19.56 billion (2024: $16.86 billion), reflecting a 16% increase year-over-year.

The movement in total assets was mainly attributable to 31% increase in ‘Trade and Other Receivables’ to $5.03 billion (2024: $3.83 billion) and a $726.50 million increase in ‘Short term Investments’ to $4.69 billion (2024: $3.97 billion). Additionally, ‘Inventories’ increased by 6% amounting to $2.64 billion (2024: $2.49 billion).

Shareholders’ equity was $15.43 billion (2024: $13.64 billion), representing a book value per share of $3.72 (2024: $3.29).

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