For the three months ended June 30, 2022
Lasco Financial Services Limited (LASF), recorded trading income of $539.99 million, this represents a decrease of 4% when compared to $561.71 million posted in 2021.
Other income decreased by 16% to $24.50 million versus $29.31 million in 2021. This resulted in overall income of $564.49 million, a contraction of 4% when compared to $591.02 million for the corresponding period in 2021.
Operating expenses amounted to $430.96 million, compared to $432.48 million booked in the year prior. Of this:
o Administrative costs closed at $268.03 million (2021: $263.40 million) at end of June 2022.
o Selling and promotional costs amounted to $162.92 million (2021: $169.09 million).
Consequently, due to the decrease in total income, profit from operations decreased by 16% to total $133.53 million relative to the $158.53 million booked last year.
Finance costs decreased to $26.77 million (2021: $47.74 million), resulting in a profit before tax of $106.75 million, 4% down from $110.80 million booked in the first quarter of 2021.
Taxes for the period amounted to $23.98 million (2021: $35.82 million). Net profit closed the period under review at $82.78 million, down from $74.98 million posted the same period last year.
Earnings per share amounted to $0.065 (2021 EPS: $0.06). The trailing twelve months EPS amounted to $0.245. The number of shares used in our calculations amounted to 1,280,227,726 units. LASF closed the trading period on August 10, 2022, at $2.72 with a corresponding P/E of 11.08 times.
Balance Sheet Highlights:
As at June 30, 2022, the Company’s total assets closed the period at $4.33 billion, 9% more than its value of $3.96 billion a year ago. This increase was largely due to ‘Cash and Bank Balances’ and ‘Short term Deposits’ which closed at $855.96 million (2021: $770.74 million) and $765.52 million (2021: $393.68 million), respectively. However, these were tempered by a decline in ‘Loans and other receivables’ by $61.19 million to $1.45 billion (2021: $1.51 billion).
Shareholders’ equity attributable to stockholders of the Company amounted to $2.04 billion relative to $1.78 billion booked in 2021. This translates to a book value per share of $1.6 (2021: $1.39).
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