August 5, 2022
Lasco Manufacturing Limited (LASM) for the three months ended June 30, 2022 recorded an increase of 12% in total revenue to total $2.60 billion, relative to the $2.32 billion recorded for the comparable period in 2021.
Cost of sales amounted to $1.71 billion (2021: $1.48 billion) for the quarter, an increase of 15% year on year. As a result, gross profit of $898.17 million was recorded for the period, 7% more than the $840.56 million booked for the quarter ended June 30, 2021.
LASM posted other loss of $13.75 million versus other income of $34.64 million reported for the prior corresponding quarter.
Operating expenses increased by 2% to close the period at $311.71 million versus $304.26 million booked for the corresponding period last year.
Consequently, LASM recorded operating profit of $572.71 million, a marginal increase of 0.3% when compared to the $570.94 million booked in 2021.
Finance costs for the first quarter sharply declined by 51% to $7.62 million compared to $15.60 million in the prior year’s comparable period.
As such, profit before taxation amounted to $565.09 million, an increase of 2% from the $555.34 million recorded for the previous year. Taxes recorded for the period amounted to $151.01 million compared to $153.58 million incurred for the corresponding period in 2021. As such, Net Profit for the first quarter totaled $414.08 million compared to $401.76 million in 2021, an increase of 3%.
Total comprehensive income closed at $526.29 million (2021: $401.76 million).
Consequently, earnings per share for the quarter ended June 30, 2022, remained at $0.10 year over year. The trailing twelve months EPS amounted to $0.42. The number of shares used in the calculations amounted to 4,130,913,151 units. The stock price closed trading on August 5, 2022, at $4.60 with a corresponding P/E of 11.05 times.
Balance Sheet at a Glance:
Total assets increased 9% year on year, totaling $12.27 billion as at June 30, 2022 (2021: $11.23 billion). The increase in total assets over the period was mainly due to a $624.97 million or 48% increase in ‘Inventories’ to total $1.93 billion (2021: $1.31 billion) and a 17% increase in ‘Trade and Other Receivables’ to $3.35 billion (2021: $2.85 billion).
Total shareholders’ equity amounted to $9.46 billion as at June 30, 2022 (2021: $8.31 billion). Consequently, book value per share amounted to $2.29 relative to $2.01 in 2021.
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.
