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Lasco Distributors fiscal Q1 profit falls YOY

Lasco Distributors Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 2 Jamaican cents per share, a decrease of 44.6% 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$56.8 million, a decrease of 44.6% from J$102.6 million in the prior-year period.

The normalized profit margin declined to 2.4% from 4.4% in the year-earlier period.

Total revenue grew year over year to J$2.39 billion from J$2.31 billion, and total operating expenses increased 7.0% on an annual basis to J$2.29 billion from J$2.14 billion.

Reported net income decreased 44.6% from the prior-year period to J$90.9 million, or 3 cents per share, from J$164.2 million, or 5 cents per share.

As of July 30, US$1 was equivalent to J$112.70.