LASF Reports 8% Decline in Year End Net Profit

LASF recorded a total of $1.02 billion in Trading Income; this represented a growth of 27% relative to the $805.75 million recorded in 2016.  Other Income amounted to $46.96 million, a decline of 27% compared to $64.26 million in 2016, this resulted in overall income of $1.07 billion, a growth of 23% compared to $870 million in 2016. For the fourth quarter Overall Income was $240.18 million up 14% (2016: $210.65 million).

Operating Expenses was a total of $834.28 million, 29% more than the $648.72 million the year prior. Selling and Promotional Expenses increased 27% to close at $432.87 million relative to $341.46 million in 2016, while Administrative Expenses rose 31% to close at $401.40 million (2016: $307.26 million). For the fourth quarter Operating Expenses totaled $205.44 million (2016: $153.58 million).

As a result, Profit from Operations grew by 7% to total $236.32 million, relative to the $221.29 million recorded last year.

Finance Cost amounted to $4.84 million (2016: $318,000), resulting in Profit before Tax of $231.47 million relative to $220.97 million in 2016.

After taxation of $43.69 million Net Profit amounted to $187.78 million relative to $203.38 million in 2016 an 8% decline.

Earnings per Share for the year amounted $0.15 (2016: $0.162), while EPS for the quarter totaled $0.02 relative to $0.04 last year. The number of shares used in the calculation was 1,254,577,724.

Balance Sheet Highlights:

As at March 31, 2017, the company’s assets totaled $1.55 billion, $402.76 million more than its value a year ago. This increase in total assets was largely driven by increases in ‘receivables’ and ‘short term deposits’.

Equity attributable to stockholders of the company amounted to $1.16 billion.  This translated to a book value per share of $0.92 relative to $0.79 in 2016.

 

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2017-06-10T17:04:25+00:00