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LASCO Manufacturing reports 28.9 per cent increase in Q3 profits

LASCO Manufacturing (LASM) during its third-quarter period ended December 31, 2020 reported $281 million in net profits – a 28.9 per cent increase when compared to the corresponding period of the prior year.

Administrative expenses for the quarter decreased by 19.8 per cent to total $315 million or $42 million less when compared to that of the previous quarter.

Revenues for the October to December quarter also grew by 3.5 per cent to total $2.1 billion over the corresponding period of the prior year. This translated to some $6.2 billion or 6 per cent year-on-year increase in revenues for the accumulated nine-month period when compared to the $5.8 billion seen in 2019. Assets at the end of the period increased by 9.5 per cent, growing to $10.3 billion.

These results come against a backdrop wherein the company, which has had to navigate the challenges of the ongoing coronavirus pandemic, said it was able to do so after ensuring that the relevant measures to protect supply chains, ensure continuity of operations and its ability to supply markets, along with other operational processes were adequately implemented.

“We continued to closely monitor consumer behaviour and consumption patterns as a result of the pandemic and have been able to respond timely to the changes,” stated James Rawle, the company’s managing director in his third-quarter report.

The company throughout the period also continued its support of flagship corporate social responsibility programmes, including the awards for teacher and principal of the year. During a virtual ceremony held in October of last year some 104 educators were presented with appreciation plaques courtesy of LASCO.

“In addition [and] in response to the ongoing [coronavirus] pandemic, we continued to extend assistance both financially and in-kind to communities, organisations and individuals – collaborating with foundations, NGOs, local authorities, churches and community groups,” Rawle said.