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).
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 effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
