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LASCO Manufacturing fiscal Q4 profit falls YOY

Lasco Manufacturing Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 3 Jamaican cents per share, a decline of 9.6% from 4 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$137.4 million, a decline of 9.6% from J$151.9 million in the year-earlier period.

The normalized profit margin fell to 7.9% from 10.4% in the year-earlier period.

Total revenue rose 19.9% year over year to J$1.74 billion from J$1.46 billion, and total operating expenses grew 25.8% from the prior-year period to J$1.50 billion from J$1.19 billion.

Reported net income decreased 47.5% on an annual basis to J$97.6 million, or 2 cents per share, from J$185.9 million, or 4 cents per share.

For the year, the company's normalized net income totaled 15 cents per share, a gain of 46.9% from 10 cents per share in the prior year.

Normalized net income was J$614.6 million, a gain of 46.9% from J$418.4 million in the prior year.

Full-year total revenue rose 37.2% year over year to J$6.57 billion from J$4.79 billion, and total operating expenses grew 36.0% on an annual basis to J$5.43 billion from J$3.99 billion.

The company said reported net income increased 35.0% year over year to J$826.3 million, or 20 cents per share, in the full year, from J$612.2 million, or 15 cents per share.

As of June 15, US$1 was equivalent to J$125.30.