March 14, 2023
Revenue declined 1% to $1.15 billion (2022: $1.16 billion). For the quarter, revenue declined 7% to $372.87 million (2022: $400.19 million).
Cost of sales increased 3% to $926.07 million (2022: $902.74 million). Consequently, gross profit declined 13% to $223.55 million (2022: $257.40 million). For the quarter, gross profit also declined 13% to $71.34 million (2022: $81.89 million).
Administrative and other expenses increased 2% to $121.66 million (2022: $119.63 million). For the quarter, administrative and other expenses declined 3% to $42.96 million (2022: $44.14 million).
Operating profit declined 24% to $105.03 million (2022: $138.28 million). For the quarter, operating profit declined 26% to $27.53 million (2022: $37.05 million).
Net finance cost declined 83% to $798,040 (2022: $4.57 million). Of this:
- Finance costs declined 5% to $6.46 million (2022: $6.83 million)
- Finance income increased 151% to $5.66 million (2022: $2.25 million)
Profit before taxation declined 25% to $106.74 million (2022: $142.94 million). There was no taxation for the period, as such net profit amounted to $106.74 million (2022: $142.94 million). For the quarter, net profit declined 20% to $28.54 million (2022: $35.73 million).
Earnings per share (EPS) amounted to $0.15 (2022: $0.20). For the quarter, EPS amounted to $0.04 (2022: $0.05). The trailing twelve months EPS is $0.21. The number of shares used in our calculations is 706,237,500 units. Notably, LUMBER’s stock price closed the trading period on March 13, 2023 at a price of $2.07 with a corresponding P/E ratio of 9.90 times.
Balance Sheet at a glance:
Total assets as at January 31, 2023 increased 13% to $662.17 million (2022: $588.39 million). This upward movement is primarily attributable to a 39% increase in ‘Investments’, which closed at $165.57 million (2022: $119.05 million). Additionally, ‘Cash and Cash Equivalents’ increased 32% to $111.57 million (2022: $84.28 million).
Shareholders’ equity as at January 31, 2023 increased 25% to $548.76 million (2022: $437.79 million). This resulted in a book value per share of $0.78 (2022: $0.62).
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