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.
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