Lasco Manufacturing Limited (LASM) indicates the company has performed various assessments and stress testing of its business plans under different scenarios, as part of its business continuity and contingency planning.
However, at the date of approval of the financial statements issued for the year ended March 2020, the company, in comments attached to its year-end financials, said it was unable to determine a reliable estimate of the financial impact on the overall business operations.
The company noted that pandemic and the measures to control its human impact have resulted in disruptions to economic activities, business operations and asset prices.
It was noted, “this could have a negative financial effect on the company, depending on factors such as the duration and spread of the outbreak, the effects on the economy overall and the effects on the financial markets, all of which are highly uncertain and cannot be estimated reliably.
LASM, for the 12 month period ended March 2020, faced icreased tax charges of $217 million, which reduced net profit to $981.67 million.
With revenue fairly and costs of sales, fairly flat year over year, the results compared to net profit $1.07 billion earned at year end March 2019, when tax charges were $73.67 million.
Revenues for the year ended was $7.58 billion, compared to $7.56 billion for the comparative period ended March 2019.
Earnings per share for the year ended March 2020 were $23.85, down from $26.32 earned at March 2019.
LASM produces powder-based products, juice, drinks, water and the export of various Lasco branded products.
Product lines include the Lasco iCool range of water and juice drinks, hydration drink Lasco iDrade, carbonated beverage line Lyrix, and energy drink Konka.
Lasco Food Drinks, Lasco LaSoy, Lasco enriched milk powder, Lasco Oats Porridge mixes and high protein — meal replacement Lasco Nutrify are produced in its dry products division.
The company last year completed the construction of a 65,000-square foot warehouse at its White Marl complex, at an approximate cost of US$5.2 million.
Lasco also expanded its dry products manufacturing plant by 12,000 square feet in 2019.