August 7, 2024
LASCO Financial Services Limited (LASF) for the first quarter ended June 30, 2024, reported a 5% decrease in trading income totalling $512.09 million compared to $539.18 million in the corresponding three months last year.
Other Income amounted to $25.02 million (2023: $35.18 million), this represents a decrease of 29% year over year.
Admin & other expenses decreased by 10% to close at $294.62 million (2023: $327.84 million), while Selling and promotional costs increased by 6% from $178.68 million in 2023 to $190.17 million for the three months period under review. As a result, Operating Expenses for the first quarter amounted to $484.78 million, a 4% decrease relative to $506.52 million reported in 2023.
Profit from Operations for the three months amounted to $52.33 million, a 23% decrease relative to $67.83 million reported in 2023. Finance Costs totalled $20.05 million a 19% decrease from the corresponding period last year. (2023: $24.76 million).
Profit Before Taxation for the first quarter ended June 30, 2024, amounted to $32.29 million, a 25% decrease relative to $43.07 million reported in 2023.
Taxation for the three months had a 40% increase to reach $14.49 million (2023: $24.25 million). Net Profit for the three months amounted to $17.79 million, a 5% decrease from the $18.82 million reported in 2023.
Consequently, Earnings Per Share for the three months amounted to $0.014 (2023: EPS: $0.015). The twelve-month trailing EPS was $0.13, and the number of shares used in these calculations was 1,280,227,726. Notably, LASF’s stock price closed the trading period on August 05, 2024, at a price of $1.83 with a corresponding P/E ratio of 14.56x.
Balance Sheet Highlights
The company’s assets totalled $4.50 billion (2023: $3.82 billion). There was a notable increase in the Receivables which had an increase from last year’s $1.46 billion to $1.93 billion this year which is a 32% increase.
Shareholder’s equity was $2.29 billion (2023: $2.13 billion), representing a book value per share of $1.79 (2023: $1.66).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.