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Lasco Distributors fiscal Q4 profit falls YOY

Lasco Distributors Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 3 Jamaican cents per share, a decline of 10.4% from 3 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was J$94.9 million, a decrease of 10.9% from J$106.6 million in the year-earlier period.

The normalized profit margin declined to 3.0% from 4.2% in the year-earlier period.

Total revenue grew 25.4% on an annual basis to J$3.15 billion from J$2.51 billion, and total operating expenses climbed 28.0% from the prior-year period to J$3.03 billion from J$2.37 billion.

Reported net income decreased 11.0% year over year to J$151.9 million, or 4 cents per share, from J$170.6 million, or 5 cents per share.

For the year, the company's normalized net income totaled 10 cents per share, a decline of 6.9% from 11 cents per share in the prior year.

Normalized net income was J$341.7 million, a decline of 6.9% from J$367.2 million in the prior year.

Full-year total revenue grew 17.8% year over year to J$11.15 billion from J$9.46 billion, and total operating expenses grew 19.4% year over year to J$10.63 billion from J$8.90 billion.

The company said reported net income declined 6.9% on an annual basis to J$546.7 million, or 16 cents per share, in the full year, from J$587.5 million, or 17 cents per share.

As of May 29, US$1 was equivalent to J$115.86.