March 18, 2024
The Limners and Bards Limited (LAB) for the first quarter ended January 31, 2024, reported an 11% decrease in operating revenue totalling $219.41 million compared to $247.76 million in the corresponding three months last year.
Cost of operating revenue amounted to $130.42 million (2023: $155.75 million), this represents a decrease of 16% year over year. Consequently, gross profit decreased by 3% to $88.99 million compared to $92.01 million for the first quarter ended January 31, 2023.
Selling and distribution expenses decreased by 31% to close at $481,767 (2023: $699,501), while administrative expenses decreased by 19% from $85.08 million in 2023 to $68.76 million for the three months ended January 31, 2024. As a result, total operating expenses for the first quarter amounted to $69.25 million, a 19% decrease relative to $85.78 million reported in 2023.
Impairment recovery on financial assets amounted to $6.02 million (2023: nil).
Profit before net finance costs and taxation for the three months amounted to $25.77 million, a 313% increase relative to $6.23 million reported in 2023. Net finance income totalled $437,552, an 189% increase from the corresponding period last year (2023: $151,465).
Profit before taxation for the first quarter ended January 31, 2024, amounted to $26.18 million, a 313% increase relative to $6.33 million reported in 2023.
Taxation credit for the three months had an 86% decrease to reach $42,774 (2023: $295,351). Net profit for the three months amounted to $26.23 million, a 296% increase from the $6.63 million reported in 2023.
Earnings per share (EPS) for the three months amounted to $0.03 (2023: $0.01). The twelve-month trailing EPS was $0.08, and the number of shares used in these calculations was 945,690,252.
Notably, LAB’s stock price closed the trading period on March 15, 2024, at a price of $1.72 with a corresponding P/E ratio of 21.15x.
Balance Sheet Highlights:
The company’s assets totalled $909.30 million (2023: $790.27 million); a year over year increase of 15% largely attributed to a 44% uptick in cash and cash equivalents to close at $468.95 million (2023: $326.50 million).
Shareholder’s equity was $624.10 million (2023: $548.14 million), representing a book value per share of $0.66 (2023: $0.58).
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