Lasco Financial profit up 20%

Lasco FinLasco Financial Services is reporting improved profit of 20 percent for the June quarter this year, compared with the year ago period. The improvements emanate primarily from a 23 percent growth in revenues.
Profit for the latest quarter ended at $47.3 million up from $39.3 million in 2013, with revenues coming out at $177.57 versus $145 million. Expenses grew by 23.6 percent, due mainly to a 32.6 percent increase in selling and promotional expenses that ended at $76.4 million, in the quarter. For the last fiscal year to April, Lasco reported $176.7 million in profit, from revenues of $629 million. Profit for the current year should end up around $250 million or 20 cents per share, with increased revenues and reduced marketing cost.
Last fiscal year the company increased its marketing spend considerably over the previous year, the added cost contained the level of profits that would normally have been made. “Advertising cost this year is expected to decline from the high of last year, since we will not require as significant an investment to drive growth for this period” Jacinth Hall-Tracey, Managing Director stated in a release with the result.
The company has assets of $880 million, up from $690 million at the end of June last year and $812 million at the end of April this year.
The stock remains Buy Rated. With the present price around a $1 per share and the earnings above should put a potential price of $1.60 within reach.

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  1. […] 863,229 units, to close at 86 cents, down 4 cents, after trading between 86 cents and 93 cents and Lasco Financial Services with 589,050 shares trading, between 87 cents and $1, ending at 87 cents, with a gain of 2 cents. […]

  2. […] 52 week’s low, Lasco Distributors traded 92,000 units and closed 2 cents higher, at $1.17, Lasco Financial Services with 8,200 units, closed at $1, Lasco Manufacturing had 879,353 units trading to close at 91 cents […]

  3. […] the junior market are, General Accident with 32,700 shares, the price rose 4 cents to end at $1.55, Lasco Financial Services with 7,600 units, closed at 90 cents, down 10 cents, Lasco Manufacturing had 24,447 units trading to […]

  4. […] Lasco Financial Services’ profit that grew 20 percent in the June quarter, and 28 percent in the September quarter, to reach $65 million. The second quarter profit, grew faster than the 19 percent revenue growth to $188 million over 2013, slightly more than in the first quarter’s revenue of $178 million and $145 million, in the March 2014 quarter. For the six months to September, profit is up by 25 percent to $112 million or 9 cents per share and revenue climbed 14 percent to $366 million from $303 million in 2013. All things being equal, the full year earnings to March next year should exceed 20 cents per share. Cost rose 19 percent in the six months as increased marketing cost helped push cost up, but the increase for the September quarter was only 14 percent. The company is embarking on some new initiatives to expand the business. One will be the utilization of 14 locations island-wide for the provision of loans. They indicated earlier this month that they have already signed an agreement to facilitate this. New software that that has been installed will allow for Money Grams’ data to reside locally and thus speed up the processing in the money transfer transactions, thus creating a better experience for their customers. The focus in this area, is a partial recognition that that the traditional business of cambio and to a lesser degree remittance services are fairly matured and growth has to be explored elsewhere. Lasco Financial should generate in excess of 40 percent return on equity for the current fiscal year. As of September, equity stood at $726 million, loans and other receivables on the books is at $325 and cash funds $448 million. A look at Access with return on equity of more than 50 percent, contrast with Lasco Financial more than 40 percent. For one, it indicates that high risk lending is very profitable area if done right as well as the benefit that leveraging can deliver, with Access borrowing funds to relend versus Lasco using its own capital alone. […]

  5. […] 1,681 units, closed 13 cents higher at $1.30, just ahead of the release of the September results, Lasco Financial Services with 53,000 units, closed at $1 and Lasco Manufacturing had 2,000 units trading to close at 95 […]

  6. […] close of trading the active stocks are, Caribbean Producers trading 24,625 shares to end at $2.38, Lasco Financial Services gained 15 cent with 80,000 units, to close at $1 and Lasco Manufacturing had 20,000 units trading, […]

  7. […] weakness with 10 stocks closing no bids to buy against 6 that had no stocks being offered for sale. Lasco Financial traded 50,000 shares at $1 by gaining 5 cents followed by Lasco Manufacturing with 60,000 units to […]

  8. […] stock to gain at the end of trading in the junior market with the price rising 7 cents to $1.69. Lasco Financial with 56,843 units, closed at 95 cents, Lasco Manufacturing put through 53,400 units at $1 and Sweet […]

  9. […] The information suggest that the next set of results should possibly show growth over that of 2013. Lasco Financial seems poised for good things but big marketing spend last fiscal year kept profits down as they went […]

  10. […] day before are, Dolphin Cove with 200 shares at $8, Lasco Distributors traded 2,300 units at $1.15 Lasco Financial 1,500 shares at $1 and Lasco Manufacturing managed to exchange 3,982 units at $1. Declines| General […]

  11. […] valued at $586,079. Gains| Stocks recording gains at the end of trading in the junior market are, Lasco Financial 4,515 shares changing hands gained 13 cents to $1 and General Accident with 194,088 shares closed 4 […]

  12. […] the stocks to trade. Gains| Stocks recording gains at the end of trading in the junior market are, Lasco Financial 1,681,491 units with a gain of 3 cents to 98 cents and Lasco Manufacturing with 529,226 units, to […]

  13. […] in the junior market, are AMG Packaging with 17,767 shares to close with a 10 cents gain at $2.50, Lasco Financial 587,650 shares led to a gain of 1 cent to 98 cents and Lasco Manufacturing with 37,576 units, to […]

  14. […] with 103,000 shares closing at 75 cents, General Accident with 145,448 units closed at $1.40 and Lasco Financial traded 3,000 shares at $1. Declines| Stocks declining in the junior market at the end of trading, […]

  15. […] at $7.75, General Accident 200,000 shares traded resulted in a 5 cents rise to $1.40, followed by Lasco Financial with 116,015 units at a gain of 10 cents to $1, Lasco Manufacturing with 300,500 units gained 8 […]

  16. […] end of trading, are Caribbean Flavours with 10,000 shares and closed with a 10 cents fall to $2.65, Lasco Financial lost 2 cents to end at 95 cents while trading 131,000 shares and Lasco Manufacturing with 1,360,520 […]

  17. […] and 1 declining. Gains| Stocks recording gains at the end of trading in the junior market, are Lasco Financial with 43,000 shares to close with a gain of 3 cents at 96 cents and Lasco Manufacturing with 454,353 […]

  18. […] Lasco Financial Services advised that an interim Dividend of 3 cents per stock will be paid on September 2, 2014 to shareholders on record at August 21. The X-dividend date is set for August 19, 2014. The company last paid a dividend of 30 cents per share on March 8, last year, prior to a 10 for 1 split of the stock. […]

  19. […] price of the previous trading day, are Lasco Distributors with 3,000 shares, to close at $1.01 and Lasco Financial 22,260 shares to close at 90 cents. Declines| General Accident traded 40,000 units at a cent lower, […]

  20. […] Lasco Distributors with 25,000 shares lost 9 cents to end at a new 52 weeks low of $1.10 and Lasco Financial with 7,400 units was down 8 cent to 92 cents, after the company posted a 20 percent increase in its […]