Lasco Manufacturing (LASM), for the year ended March 31, 2022, total revenue increased by 15% from $8.22 billion in 2021 to $9.48 billion in 2022. Revenue increased 20% for the fourth quarter to a total of $2.43 billion, relative to the $2.03 billion recorded for the comparable period in 2021.
Cost of sales amounted to $6 billion (2021: $5.10 billion) for the period, an increase of 17% year on year. As a result, gross profit of $3.48 billion was recorded for the year ended March 31, 2022, 12% more than the $3.11 billion booked for the corresponding period in 2021. For the quarter, cost of sales was recorded at $1.57 billion relative to $1.27 billion in 2021. Gross profit for the quarter increased 12% to $854.08 million when compared to the $759.20 million booked for the similar quarter ended March 31, 2021.
LASM posted other income of $32.22 million relative to $24.64 million for the prior year.
Operating expenses decreased 2% to close the period at $1.29 billion versus $1.32 billion booked for the corresponding period last year. Of this, administrative and other expenses declined 3% to $1.15 billion (2021: $1.19 billion), while selling and promotion expenses rose 2% to $139.81 million (2021: $136.85 million). Expenses for the quarter reflected an increase of 1% to close at $343.10 million (2021: $340.90 million).
Consequently, LASM for the year ended March 31, 2022, recorded operating profits of $2.22 billion, 22% higher than the $1.81 billion booked in 2021. While for the quarter, operating profit closed at $475.83 million (2021: $470.94 million).
Finance costs for the year ended March 31, 2022 fell 20% to $47.22 million compared to $59.19 million in the prior year.
As such, profit before taxation amounted to $2.18 billion, an increase of 24% from the $1.76 billion recorded for the previous corresponding period. Taxes recorded for the period amounted to $468.35 million compared to $376.18 million incurred for the corresponding period in 2021. Net profit for the year was $1.71 billion, 24% higher than last year’s net profit of $1.38 billion. LASM booked $522.10 million in net profit for the fourth quarter, compared $361.02 million for the corresponding quarter in 2021.
As such, total comprehensive income for the year ended totalled $1.74 billion compared to $1.40 billion in 2021, an increase of 24%.
Consequently, earnings per share (EPS) for the period amounted to $0.413 relative to $0.334 in 2021. The EPS for the quarter amounted to $0.126 relative to $0.087 reported for 2021. The number of shares used in the calculations amounted to 4,132,913,151 units. Notably, LASM’s stock price closed trading on May 27, 2022 at $5.07 with a corresponding P/E of 12.27 times.
Balance sheet at a Glance:
Total assets rose by 11% year on year, totaling $12.07 billion (2021: $10.85 billion) as at March 31, 2022. The increase in total assets over the period was mainly due to a $600.92 million increase in ‘Short Term Investments’ to a total of $818.65 million (2021: $217.73 million). ‘Inventories’ and ‘Receivables’ also contributed to the increase amounting to $1.62 billion (2021: $1.23 billion) and $2.56 billion (2021: $2.28 billion), respectively.
Total shareholders’ equity amounted to $9.35 billion as at March 31, 2022 (2021: $7.91 billion). Consequently, book value per share amounted to $2.26 relative to $1.91 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.