Sales up margin down at Lasco Distributors

Peter Chin - Lasco Distributors' Managing Director

Peter Chin – Lasco Distributors’ Managing Director

Sales climb 17 percent for the September quarter, at Lasco Distributors to hit $2.7 billion and 10 percent in the six months to September, to reach $5.1 billion. Gross profit margin declined, leading to a growth of just 3.8 percent in gross profit, to $475 million from $457 million, for the quarter, and declined 2.2 percent to $910 million for the half year.
Operating cost jumped 15 percent in the quarter, to $377 million and just over 17 percent for the six months to $738 million, pushing profit down 19 percent to $112.5 million for the quarter, from $138.7 million in 2013 and down a much larger, 33 percent, to $203 million for the half year, versus $303 million in the 2013 period.
As disappointing as the second quarter numbers are, they represent a major improvement over the first quarter with a revenue increase of 4 percent, and a fall in profits of 45 percent compared to the 2013 June quarter.
Finances|The company has quite a bit of funds tied up in inventories $1.3 billion and receivables $1.7 billion, that are in excess of normal trading levels, cash funds on the other hand is up to $850 million and will be handy in helping to finance the 110,000 square foot warehousing facility, that they will be embarking on shortly, to meet what management says, is increasing demand flowing from new products to be distributed by the company.
The expected payment from their successful law suit against Pfizer is not yet booked and the amount not yet made public but should exceed $1 billion.
Lasco Manufacturing new "I Cool" drinks

Lasco Manufacturing new “I Cool” drinks

Lasco Distributors markets a wide range of household, foods and pharmaceutical products and is listed on the junior market of the Jamaica Stock Exchange. the company recently started the distribution of I Cool barnds of drinks its sister company Lasco Manufacturing commenced manufacturing recently, as well as Salada Foods products which it commenced distributing, at the start of the year.

Flat sales higher cost hit Lasco Manufacturing

Lasco Manufacturing new "I Cool" drinks

Lasco Manufacturing new “I Cool” drinks

Sales fell marginally to $1 billion from $1.03 billion in the September 2014 quarter, compared to 2013, at Lasco Manufacturing. A sharp jump in operating and finance cost helped to pressure the financial performance in the quarter to a profit of $127 million down from $176 million in 2013.
Earnings per share fell to 3 cents for the quarter and 7 cents for the six months. Year to date revenue was $2.08 billion compared to $1.88 billion for the same period last year, an increase of 11 percent. “This growth was driven mainly by increased volume in our export markets. Our International Division reported a growth of 40 percent during the quarter” management stated in their release with the financials.
Gross profit for the six months rose 14 percent to $602 million from $526 million and in the September quarter it grew to $287 million from $276, bettering gross profit margin moderately. Net profit for the six months declined 15 percent to $268 million against the comparative period last year. “The net profit performance was in line with the expectations of management and the board, this was due to temporary increase in manufacturing cost resulting from the effect of changes in staff complement, overhead costs associated with the new manufacturing plant, and increased finance cost,” the company’s management stated.
Operating expenses climbed 54 percent to $151 million in the latest quarter, and 41 percent, for the six months period. While there is no breakdown for the operating cost, other than the increased staff cost mentioned above, increased depreciation charge on the liquid factory would also be one of the factors pushing cost. With the other factory to be opened after the quarter’s end, the depreciation charge will rise again. Finance cost jumped to $25 million in the quarter from just $2 million in the 2013 quarter and for the half year to $57 million from $2.3 million. Prior to the completion of the factory, the finance cost associated with building and equipping the factories was capitalised as part of the factory cost. With the completion of the facilities, the cost will be a direct charge against income.
Heating of raw material to make bottles for Lasco's new drinks

Heating of raw material to make bottles for Lasco’s new drinks

During the quarter, the company introduced LASCO iCool water, iCool flavor water and iCool juice drinks to the market. The company made significant investments in marketing as well as promotional activities in collaboration with affiliated company LASCO Distributors.
“The company is on target with its long-term plan to invest in innovation across all facets of the business – from new product development to powering a pipeline of new products, drive financial performance and fuel continued consumer passion for the LASCO brand,” management stated.
Finances| At the end September, borrowed funds was at $1.49 billion with $187 million to be paid within the next twelve months, while cash funds were at $153 million. $2.1 billion is in work in progress to be transferred to fixed assets and will push total fixed assets to $3 billion when effected. The company is also in the process of constructing a new warehouse of 30,000 square foot. Up to the end of the September the company was operating from two factories one at the White Mall facilities as well as at Red Hills Road, thus resulting in duplicated cost. The liquid plant is to be up graded further by $3 million to reduce raw material cost and expanded for other products, including production for some foreign partner.

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