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LASCO Manufacturing fiscal Q2 profit falls YOY

LASCO Manufacturing Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 2 Jamaican cents per share, a decrease of 28.1% from 3 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was J$79.2 million, a decline of 28.1% from J$110.3 million in the year-earlier period.

The normalized profit margin dropped to 7.9% from 10.7% in the year-earlier period.

Total revenue declined year over year to J$1.00 billion from J$1.03 billion, and total operating expenses came to J$852.9 million, compared with J$854.9 million in the prior-year period.

Reported net income declined 28.1% on an annual basis to J$126.8 million, or 3 cents per share, from J$176.4 million, or 4 cents per share.

As of Oct. 29, US$1 was equivalent to J$112.45.