August 5, 2024
LASCO Manufacturing Limited (LASM)
Unaudited financials for the first quarter ended June 30, 2024:
LASCO Manufacturing Limited (LASM) for the first quarter ended June 30, 2024, reported a 15% increase in revenue totalling $3.25 billion compared to $2.83 billion in the corresponding three months last year.
Cost of Sales amounted to $2.01 billion (2023: $1.76 billion), this represents an increase of 14% year over year. Consequently, gross profit increased by 16% to $1.24 billion compared to $1.07 billion for the first quarter ended June 30, 2023.
Other Operating Income increased by 810% to close at $135.14 million (2023: $14.85 million), while Operating Expenses rose 10% from $359.98 million in 2023 to $394.37 million for the three months ended June 2024. As a result, Operating Profits for the first quarter amounted to $976.29 million, a 35% improvement relative to $723.87 million reported in 2023.
Finance Cost for the three months amounted to $722,000, a 73% decline relative to $2.65 million reported in 2023. Profit before Tax totalled $975.56 million a 35% increase from the corresponding period last year. (2023: $721.23 million).
Tax for the first quarter ended June 30, 2024, amounted to $273.88 million, a 40% increase relative to $195.32 million reported in 2023.
Net Profit for the year for the three months had a 33% increase to reach $701.68 million (2023: $525.91 million). Unrealised gains on financial instruments for the three months amounted to $10.50 million, a 65% decrease from the $29.77 million reported in 2023.
Total comprehensive income for the three months increased by 28% to reach $712.18 million (2023: $555.69 million).
Consequently, Earnings Per Share for the three months amounted to $0.17 (2023: EPS: $0.13). The twelve-month trailing EPS was $0.62, and the number of shares used in these calculations was 4,132,913,151. Notably, LASM’s stock price closed the trading period on August 02, 2024, at a price of $6.94 with a corresponding P/E ratio of 11.22x.
Balance Sheet Highlights
The company’s assets totalled $16.88 billion (2023: $14.18 billion). This increase was attributable to a rise in Short Term Investments amounting to $3.71 billion for the first quarter of 2024 (2023: $1.67 billion). Additionally, Cash and Bank Balance also contributed to the increase amounting to $2.66 billion for the first quarter of 2024 (2023: $2.41 billion).
Shareholder’s equity was $13.69 billion (2023: $11.65 billion), representing a book value per share of $3.31 (2023: $2.82).
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