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LASCO Manufacturing fiscal Q4 profit climbs 77.7% YOY

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LASCO Manufacturing fiscal Q4 profit climbs 77.7% YOY

LASCO Manufacturing Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 came to 4 Jamaican cents per share, a gain of 77.8% from 2 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$151.9 million, a gain of 77.7% from J$85.5 million in the year-earlier period.

The normalized profit margin increased to 10.4% from 7.5% in the year-earlier period.

Total revenue increased 27.7% year over year to J$1.46 billion from J$1.14 billion, and total operating expenses grew 17.9% on an annual basis to J$1.19 billion from J$1.01 billion.

Reported net income grew 77.7% year over year to J$243.1 million, or 6 cents per share, from J$136.8 million, or 3 cents per share.

For the year, the company's normalized net income totaled 10 cents per share, an increase of 14.5% from 9 cents per share in the prior year.

Normalized net income was J$418.4 million, an increase of 14.5% from J$365.3 million in the prior year.

Full-year total revenue increased 19.0% year over year to J$4.79 billion from J$4.02 billion, and total operating expenses grew 16.6% year over year to J$3.99 billion from J$3.43 billion.

The company said reported net income grew 14.5% year over year to J$669.4 million, or 16 cents per share, in the full year, from J$584.5 million, or 14 cents per share.

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