Profit surged 144% at the Lab

Net Profit for the half year was $49.4 million, up a b 144 percent above the $20 million generated in 2023, at Limners and Bards for the quarter profit rose 71 percent to $23 million from $13.6 million for the same period in 2023.
The improved profit flowed from reduced costs and better margins as revenues fell sharply in the Media segment, with a $100 million reduction to $206 million. Segment profit fell from $43.5 million to $31.9 million. Media was not the only area of contraction, production had a minor drop in revenues to $127 million from $130 in 2023 but delivered a $13 million fall in profit contribution to $50.6 million from $63 million in 2023. The agency segment saw profit contribution jumping $98 million from $86 million in 2023 with revenues rising from $102 million to $113 million.
For the second quarter, total revenues for the company fell 23 percent from $291 million to $226 million and declined 17 percent to $446 million from $539 million in 2023 for the half year.
Although gross profit fell in both periods, to $91.4 in the latest quarter from $100 million in 2023, down 8.6 percent and declined by 6 percent from $193 million for the six months to $180 million. Gross margin grew, with direct costs declining faster than revenues for half of the year, down 23.5 percent to $265 million from $347 million and by 29.4 in the quarter to $135 million from $191 million.
Administrative expenses fell 17 percent to $69 million in the quarter from $84 million in 2023 and declined 18 percent to $138 million in the half year from $169 million in 2023.
Selling and distribution cost expenses declined in the half year and second quarter by 36 percent to $966,245 in the half million from $1.5 million and by xxx percent in the quarter to $484,477 from $810,997 in 2023. Finance cost declined in the quarter, to $2.6 million from $3.5 million in 2023 and from $6.9 million to $5.2 million for the six months. Finance Income rose from $922,872 to $5.33 million in the quarter and for the six months, it moved from $4.5 million to $8.4 million.
Current assets ended the period at $864 million and Current liabilities at of $298 million. The company has cash and bank balances of $559 million, up from $438 million in 2023.
At the end of April, shareholders’ equity amounts to $647 million with loans payable at $106 million.
Earnings per share for the quarter was two cents and 5 cents for the year to date. IC Insider.com computation projects earnings of 10 cents per share for the fiscal year ending August 2024, with a PE of 16 times the current year’s earnings based on the price of $1.56 the stock traded at on the Jamaica Stock Exchange Junior Market. Net asset value ended the period at $0.68 with the stock selling at 3 times book value.
The company in its quarterly report to shareholders, indicates that they have ventured into the risky business of film production. The first production ‘Jenna In Law’, was officially selected to screen at the 2024 Essence Film Festival this summer in New Orleans, Louisiana.