November 9, 2026
LASCO Financial Services Limited (LASF)
Unaudited financials for the six months ended September 30, 2026:
LASCO Financial Services Limited (LASF) for the six months ended September 30, 2026, reported a 4.7% increase in Income totaling $1.09 billion compared to $1.04 billion in the corresponding period last year. Income for the second quarter had a 3.4% increase to close at $552.73 million compared to $534.50 million for the comparable quarter of 2025.
Other operating income amounted to $78.41 million for the six months (2025: $79.29 million), representing a decrease of 1.1% year over year, although other income for the quarter alone jumped 39.2% to $45.59 million (2025: $32.75 million).
LASF highlighted, “The marginal improvement in total income reflects net growth across the Group’s revenue streams. We have been lending more conservatively since the latter half of FY 25 based on the impact of Hurricane Melissa and have been working with our customers to provide solutions tailored to their needs and affordability. In terms of remittances, while the country experienced increased flows, we are now seeing some initial effects from a softened US labour market, increased cost of living locally, resulting in reduced disposable income to our customers.”
Admin & other expenses increased by 4.2% to close at $584.69 million (2025: $561.24 million), while selling and promotional costs increased by 12.7% to $433.97 million (2025: $385.02 million). As a result, total operating expenses for the six months ended September 30, 2026, amounted to $1.02 billion, a 7.7% increase relative to $946.26 million reported in 2025, broadly in line with inflation.
Profit from Operations for the six months ended September 30, 2026, amounted to $152.76 million, a 13.5% decrease relative to $176.72 million reported in 2025. Profit from Operations for the second quarter amounted to $73.44 million, down 19.4% from $91.14 million in the comparable 2025 quarter.
Finance Costs totalled $33.99 million for the six months, a 22.1% decrease from $43.63 million in the corresponding period last year, reflecting continued repayment of borrowing obligations.
Profit Before Taxation for the six months ended September 30, 2026, amounted to $118.76 million, a 10.8% decrease relative to $133.09 million reported in 2025. Profit Before Taxation for the second quarter amounted to $55.40 million, down 21.7% from $70.75 million in the prior-year quarter.
Taxation for the six months decreased by 30.2% to $31.18 million (2025: $44.67 million). As such, Net Profit for the period amounted to $87.58 million, effectively flat relative to the $88.42 million reported in 2025, a decline of roughly 1%. For the second quarter, Net Profit was $42.02 million, down 11.8% from $47.66 million in the comparable 2025 quarter.
Consequently, Earnings Per Share for the six months amounted to $0.0684 (2025: $0.0691), while Earnings Per Share for the quarter totaled $0.0328 (2025: $0.0372). The trailing twelve-month EPS was approximately $0.063, and the number of shares used in these calculations was 1,280,227,726.
Notably, LASF’s stock price closed today, November 9, 2026, at $1.55, implying a trailing P/E ratio of approximately 24.42x.
Balance Sheet Highlights
The company’s total assets stood at $4.18 billion as at September 30, 2026, compared to $4.35 billion a year earlier, a decline of 3.9%, though assets were essentially flat (down just 0.4%) relative to the March 2026 financial year-end. The movement was driven by an increase of $94.82 million in Loans and other receivables and $3.68 million in Short-term deposits, offset by a $274.52 million decline in Cash and bank balances. Cash and short-term deposits combined totalled $964.75 million, a 21.9% reduction year over year, which management attributed to normal working capital fluctuations rather than a deterioration in the asset base. Long-term debt (Loans) fell 14.9% to $499.43 million, reflecting scheduled repayments and reducing the Company’s exposure to interest expense.
Shareholders’ equity was $2.50 billion (2025: $2.42 billion), an increase of 3.4%, driven by continued profitability and the retention of earnings, representing a book value per share of $1.95 (2025: $1.89).
Commenting on the outlook, LASF noted, “The outlook for LASCO Financial Services Limited remains cautiously positive, although the operating environment is expected to remain challenging. The Group enters the period with modest revenue growth; however, operating profit remained under pressure, and net profit was slightly below the prior year. External economic conditions are likely to temper the pace at which earnings strengthen. Our balancing act considers higher inflation and increased interest rates; together, these affect Jamaican households which may also depress demand for loans.”
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