May 29, 2024
LASCO Manufacturing Limited (LASM)
Audited financials for the year ended March 31, 2024:
LASCO Manufacturing Limited (LASM) for the year ended March 31, 2024, reported a 7% increase in Revenue totaling $12.05 billion compared to $11.24 billion in the corresponding period last year. Revenue for the fourth quarter had a 4% decrease to close at $2.81 billion compared to $2.91 billion for the comparable quarter of 2023.
Cost of Sales amounted to $7.52 billion (2023: $7.16 billion), this represents an increase of 5% year over year. Consequently, gross profit increased by 11% to $4.53 billion compared to $4.09 billion for the year end ended March 31, 2023. The company booked gross profit of $1.06 billion for the fourth quarter versus $1.04 billion reported for the similar quarter of 2023.
Other Operating Income increased by 181% to close at $239.68 million (2023: $85.21 million), while Operating Expenses increased by 12% from $1.48 billion in 2023 to $1.66 billion in the period under review. As a result, operating profits for the year end ended March 31, 2024, amounted to $3.11 billion, a 16% increase relative to $2.69 billion reported in 2023.
Finance Cost for the year end ended March 31, 2024, amounted to $7.65 million, a 67% decrease relative to $23.06 million reported in 2023. Finance Cost for the fourth quarter amounted to $1.16 million (2023: $3.24 million). Profit before Tax totalled $3.11 billion a 16% increase from the corresponding period last year. (2023: $2.67 billion).
Tax for the year ended March 31, 2024, amounted to $724.84 million, a 24% increase relative to $584.24 million reported in 2023. Tax for the fourth quarter amounted to $28.42 million (2023: $1.14 million).
Net Profit for the year for the year ended March 31, 2024, had a 14% increase to reach $2.38 billion (2023: $2.08 billion).
Total comprehensive income for the year ended March 31, 2024, amounted to $2.38 billion, a 10% increase relative to $2.16 billion reported in 2023. Total comprehensive income for the fourth quarter amounted to $670.19 million (2023: $698.79 million).
Consequently, Earnings Per Share for the year end amounted to $0.58 (2023: EPS: $0.50), while Earnings Per Share for the quarter totaled $0.16 (2023: EPS: $0.17). The number of shares used in these calculations was 4,132,913,151.
Notably, LASM’s stock price closed the trading period on May 28, 2024, at a price of $5.31 with a corresponding P/E ratio of 9.22x.
Balance Sheet Highlights
The company’s assets totalled $16.34 billion (2023: $13.74 billion). This increase in total assets was attributable to Short Term Investments which equated to $3.28 billion (2023: $1.66 billion). Additionally, Cash and Bank Balances also contributed to the increase totalling $3.57 billion for the year ended 2024 (2023: $2.22 billion).
Shareholder’s equity was $12.98 billion (2023: $11.10 billion), representing a book value per share of $3.14 (2023: $2.69).
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