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LASCO Manufacturing fiscal Q1 profit climbs YOY

LASCO Manufacturing Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 2 Jamaican cents per share, an increase 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$88.3 million, an increase from J$86.7 million in the prior-year period.

The normalized profit margin declined to 8.2% from 10.3% in the year-earlier period.

Total revenue increased 27.9% on an annual basis to J$1.08 billion from J$842.7 million, and total operating expenses increased 28.6% on an annual basis to J$904.5 million from J$703.5 million.

Reported net income increased on an annual basis to J$141.2 million, or 3 cents per share, from J$138.8 million, or 3 cents per share.

As of Aug. 4, US$1 was equivalent to J$112.60.