Lasco Distributors Limited (LASD) reports a 15% decline in Net Profit for the Financial Year ended March 31,2017.
Lasco Distributors Limited (LASD) For the year ended March 31, 2017 revenues grew by 9% closing the period at $15.80 billion, up from $14.55 billion in the corresponding period in 2016.Cost of sales amounted to $12.87 billion relative to the $11.89 billion posted for the same period of 2016.
Gross profits also increased by 10%, closing at $2.94 billion compared to the $2.66 billion reported last year.The company highlighted this was due to “positive market-share gains in a number of key product categories, new product launches, expansion in the export market, and significant infrastructural upgrades,”
Other operating income increase by 39%, to end the period at $115.20 million compared to the $82.79 million in the comparable period a year ago.
Operating Expenses grew by 19% to ending the period at $2.36 billion (2016: $1.98 billion). LASD highlighted that this was due to “one off expenses incurred in new product launches, increased logistics costs associated with Whitemarl expansion and professional fees of the Pfizer case.”
Operating Profit declined by 9% to close at $689.51 million relative to $758.93 million for the comparable period of 2016. Finance costs increased by 82%, totaling $2.62 million for the period compared to $1.44 million in the year prior.
Pre-tax profits, totaled $686.69 million, a decline of 9% from the $757.50 million for the prior year. Net Profit for the year saw a 15% decline closing at $609.68 million (2016: $716.75 million).
Earnings per share for the year ended March 2017 totaled $0.18 (2016: $0.21). The number of shares utilized in our calculations amounted to 3,424,462,483 units. EPS for the 4th quarter was $0.056 (2016: $0.036).
Balance sheet at a glance:
Total assets amounted to $7.39 billion compared to $6.50 billion in the prior year, an increase of 14%. Property, plant and equipment closed at $1.35 billion, an increase of 41% over the previous year. The increase “was mainly due to the warehouse expansion costs”.
Shareholders equity amounted to $4.05 billion as at March 31, 2017 (2016: $3.56 billion). This resulted in book value per share of $1.18 (2016: $1.04).
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