Profit at Lasco Distributors before tax soared by 69 percent to $317 million from a combination of higher revenues and lower administrative and other costs, but with a lower profit margin. 
The company reported $187 million in profit before tax for the 2019 quarter. After-tax profit increased 57 percent from $164 million in 2019 to $258, from sales revenues that rose 8.44 percent to $4.7 billion.
Direct costs moved 10 percent from $3.5 billion to $3.8 billion and gross profit rose only 4 percent from $865 million to $896 million.
Other income jumped to $73 million from $53 million, while operating expenses fell 10 percent to $651 million from $725 million.
“During the period, there was an increase in our canned food products flagship – Lasco food, drink and pharmaceutical products. However, there has been a significant reduction in sales of beverage products due to closures of schools, hotels and social gatherings,” the Chairman, Lascelles Chin, noted in his report to shareholders.
Cash from operating activities was up to $1.2 billion from $26 million in 2019, contributing to the sharp improvement was a reduction in inventories, receivables and increased payables. At the end of June 2020,
Lasco’s ICool drinks.
The company’s shares were listed on the Junior Market in October 2010, resulting in a tax concession of 10 years, which expires during the current fiscal year.
Earnings per share came out at 7 cents for the quarter and IC Insider.com is forecasting 40 cents per share for PE of 7.6 times earnings with the stock trading on the Junior Market of the Jamaica Stock Exchange at $3.05.