Lasco Distributors Limited (LASD)
For the six months ended September 30, 2017:
- Total revenue for the six months increased by $210.98 million or 3% to total $8.35 billion, relative to the $8.14 billion recorded for the comparable period in 2016. For the quarter the company saw a 1% decline in revenue to total $4.22 billion relative to the $4.24 billion reported in 2016.
- Cost of sales amounted to $6.84 billion (2016: $6.70 billion) for the period, an increase of 2% year on year. Gross Profit of $1.51 billion was recorded for the period, 5% more than the $1.44 billion booked for the first six months ended September 30, 2016.
- Other Income declined by $20.15 million to $19.57 million (2016: $39.72 million) for the period ended September 2016.
- Operating Expenses increased by 3% to close the period at $1.08 billion relative to $1.05 million last year. As such, LASD recorded Operating Profits of $449.20 million, 5% higher than the $428.03 million booked in the corresponding period of 2016.
- Finance costs declined 75% to $245,000 compared to $974,000 in the prior year’s corresponding period.
- Profit Before Taxation amounted to $448.96 million, an increase of 5% from the $427.06 million recorded for the previous year. Taxes recorded for the period amounted to $40.46 million 12% less than the $46.15 million for the corresponding period in 2016. Consequently, Net Profit for the six months totaled $408.50 million compared to $380.91 million in 2016, a 7% ($27.59 million) increase. For the quarter the company saw a 3% increase in Net Profit to total $211.64 million (2016: $205.47 million).
- Consequently, earnings per share for the six months ended September 30, 2017 amounted to $0.12, compared to $0.11 in 2016. The earnings per share for the second quarter totaled $0.06 (2016: $0.06). The trailing twelve months EPS is $0.19. The number of shares used in the calculations amounted to 3,375,431,150 units.
- Total Comprehensive Income for the first six months ended September 30, 2017 totaled $412.40 million relative to $392.91 reported in 2016.
- “These improvements in operational performance were due to the implementation of several new initiatives which lead to efficiency gains. Management remains committed to revenue growth and expense containment while investing in key brands through various marketing initiatives. The company is poised for improved operational performance over the prior year.”
Balance sheet at a Glance:
- Total assets increased 7% year on year, totaling $7.82 billion (2016: $7.29 billion) as at September 30, 2017. Property Plant and Equipment grew 27 % to total $1.43 billion relative to the $1.13 billion reported in 2016. Total Receivables grew by $467.17 million a 21% year over year increase. Short Term Investments also saw an increase of 93% to total $377.56 million relative to the $195.82 million.
- Total shareholder equity amounted to $4.31 billion as at September 30, 2017 (2016: $4.31 billion), resulting in a book value per share of $1.26 relative to $1.10 in 2016.