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Lasco Financial Services fiscal Q3 profit falls YOY

Lasco Financial Services Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 3 Jamaican cents per share, a decline of 27.9% 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$31.1 million, a decrease of 27.9% from J$43.1 million in the year-earlier period.

The normalized profit margin dropped to 13.0% from 21.6% in the year-earlier period.

Total revenue increased 19.5% year over year to J$239.0 million from J$200.1 million, and total operating expenses increased 44.4% year over year to J$189.2 million from J$131.0 million.

Reported net income decreased 36.4% from the prior-year period to J$43.9 million, or 4 cents per share, from J$69.0 million, or 6 cents per share.

As of Feb. 5, US$1 was equivalent to J$121.14.