Lasco Financial’s Q1 Profit up 14%

Lasco FinLasco Financial Services (LFSL) reported profit of $10 million for the March 2015 quarter, down from $41 million made in 2014 but revved things up to a 14 increase in June quarter to $54 million as revenues climbed 8 percent to $192 million and well over the $148 million generated in the March quarter.
For the March quarter revenue that compared with the 2014 quarter expenses grew by $28 million due mainly to increase spend on marketing and selling expenses. Jacinth Hall-Tracey, Managing director indicated that the period suffered from squeezed margins in March quarter on foreign exchange trading and foreign exchange losses in the quarter, resulting from the revaluation of the Jamaican dollar and greater stability of the exchange rate. Loan disbursements slowed as credit rating data used in assessing potential clients resulted in lower loan approvals.
Total expenses for the first quarter increased by 5.5 percent to $137 million compared to the corresponding period. This is primarily due to a 36 percent increase in administrative expenses and 16 percent decrease in selling and promotion expenses. “The net increase is reflecting the expansion of our network, staff cost and software support to manage operational efficiencies and to build customer relationships. LFSL continues to review its marketing tactics which gave rise to a reduction in selling and promotion expenses”, Hall-Tracey said. She went on to say “During the quarter, our growth initiatives included the launch of our motorcycle loan product and the opening of our new cambio branch in Port Antonio”. The opening of the new branch would have added to administrative cost against which revenues would not cover.
Lasco cambioThe company has cash of $563 million and is generating over $200 million per year. If the company can find the formula to ramp up good quality lending successfully, the profit outlook can be transformed considerably with high profit margins for lending. “We are working on a number of initiatives that will help in the transition from lower income in foreign exchange activity” Hall-Tracey said in response to questions posed after the company released the Full year results to March. The area of credit approval is one that they is being revisited as the use of credit rating information is stymying lending. But Hall-Tracey expects profit for this year that ends March 2016 to be higher than for the year just ended, subject to taxes on profit which the company will start bearing at fifty percent of the official tax rate of 25 percent.
The equity capital of Lasco is $868 million and is well below that of its two siblings who have equity in equity of more than $2.4 billion each, as such the possibility for strong growth is probably more present here than with the bigger entities over time.
The company has done well from the money remittance and cambio operations but it is in the lending that the future growth prospects seems to rest. Hence the connection between Mayberry Investments with the know-how having been exposed at Access Financial. The company has adequate free capital to increase lending with only $147 million in loans at March. Earnings per share of 0.45 cents for the quarter should end around 20 cents for the year to March 2016. The stock last traded at $1.80, investors need to keep an eye for the possibility that Mayberry Investments could increase their holdings in the company.

JSE up on Wednesday morning

National Commercial Bank dropped back $2.49 in early trading on Tuesday but this morning the stock had 400,000 units trading at $30. JSE Intra 9- 09-15Carreras traded 201,440 at $50, Jamaica Stock Exchange lost 25 cents with 100,000 shares to $7.55, Proven Investments 429,388 units trading was at 20 US cents.
In the junior market Lasco Financial Services has traded 577,000 at $1.80.
The market have so far seen trading in 18 securities with a volume of 1,756,025 units and 4 stocks declining and 3 rising. Trading activity resulted the JSE Market Index rising 587.66 points to 98,864.87. The JSE All Jamaican Composite index climbed 656.84 points to 109,443.35 and the JSE combined index gained 544.78 points to be at 102,181.25. The junior market fell 1.02 points to 989.75.

4 stocks fell on junior market

JSE sign The JSE junior market fell on Monday with 4 stocks declining and none advancing 8 securities traded resulting in 1,007,936 units valued at $3,170,193 changing hands. The market gained 2.39 points to close at 1,030.77.
The market ended with 5 securities closing with no bids to buy, while 5 had no stocks being offered for sale and 4 stocks closed with bids higher than the last traded prices and only 1 with the offer being lower.
Stocks trading are, Access Financial Services traded 280 shares to close at $19, Cargo Handlers ended with 250 shares changing hands at $31, Caribbean Cream traded 22,685 units to close at $1.82. General Accident Insurance traded 168,160 units with the price falling 14 JM - Trade 17-08-15cents, to $1.60 as the company reported profits for the June of just $457,000, and $26.6 million for the first half of 2015, compared with $88 million and $187 million respectively. Lasco Distributors closed with 44,000 units trading, 5 cents lower at $1.95, Lasco Financial Services traded 49,000 units to close at $1.83 after slipping 7 cents, Lasco Manufacturing with 401,561 units changing hands, closed at $1.80 and Eppley cumulative redeemable preference shares 2019 ended with 322,000 units changing hands at $6.05, with a loss of 5 cents.

Junior market slips on Friday

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The JSE junior market fell on Friday with 3 stocks rising and 3 declining including one stock that closed at a new all-time high at the close, 6 securities traded resulting in units valued at $3,010,668 changing hands. The market fell 8.76 points to close at 1,028.38.
JM Trade 14-08-15The market ended with 5 securities closing with no bids to buy, while 8 had no stock being offered for sale and 3 stocks closed with bids higher than the last traded prices and only 1 with the offer being lower.
Stocks trading are, Caribbean Cream traded 27,315 units, to close at $1.82 as the price slipped 18 cents. Caribbean Flavours traded 5,000 units unchanged at $2.82, Lasco Distributors closed with 104,100 units trading, 20 cents higher at a new all-time high of $2. Lasco Financial Services traded 17,300 units to close at $1.90 after rising 10 cents, Lasco Manufacturing with 143,129 units changing hands, closed at $1.80 for the loss of 15 cents and Paramount Trading ended with 1,000 shares changing hands, with a gain of 25 cents, to end at $6.

Juniors make moderate gain

Honey Bun closed at a 52 weeks' high of $3.40

Honey Bun closed at a 52 weeks’ high of $3.40

The JSE junior market rose slightly on Thursday with 5 stocks rising and 4 declining, at the close, 11 securities traded resulting in 1,621,286 units valued at $3,010,668 changing hands. The market fell 2.45 points to close at 1,037.14.
The market ended with 5 securities closing with no bids to buy, while 6 had no stock being offered for sale and 4 stocks closed with bids higher than the last traded prices and only 3 with the offer being lower.
Stocks trading are, Access Financial Services traded 100 shares to close at $19 with a gain of 88 cents, AMG Packaging closed at $3.65 with 2,114 units changing hands, Blue Power closed with 1,000 units changing hands and lost $1.22 to close at $12.28. Caribbean Cream traded 63,793 units, to close at $2. Caribbean Producers traded 13,489 units for a 10 cents JM - Trade 13-08-15gain at $2.70, Derrimon Trading ended with 11,746 shares changing hands, lost 25 cents to $2.20, Honey Bun with 4.450 shares changing hands, closed with a gain of 40 cents at $3.40, for a 52 weeks’ high. Jamaican Teas had 1,000 shares trading, to close at $3.53, the stock closed with an offer to sell at $3.50, Lasco Distributors closed with 1,229,090 units trading, 4 cents higher to $1.80, Lasco Financial Services traded 38,137 units to close at $1.80 after falling 10 cents and Lasco Manufacturing with 256,367 units changing hands, closed at $1.95 for the loss of 5 cents.

Juniors slip slightly

JSE sign The JSE junior market fell on Wednesday although 5 stocks rose and 2 declined with 3 junior stocks closing at 52 weeks’ high. The market index fell 5.90 points to close at 1,034.69.
At the close, 9 securities traded, resulting in 2,064,713 units valued at $4,360,597 changing hands. The market ended with 5 securities closing with no bids to buy, while 7 had no stocks being offered for sale and 3 stocks closed with bids higher than the last traded prices and only 1 with the offer being lower.
In trading, AMG Packaging closed with a gain of 5 cents to $3.65 with 36,579 units changing hands, for a new 52 week’s high, Blue Power closed with 19,500 units changing hands and gained $1.22 to close at $13.50, for a new General Accident traded 223,081 shares to close at $1.74 for .JM - Trade 12-08-1552 week’s high. Caribbean Cream traded 393,344 units, to close at $2. Derrimon Trading ended with 99,500 shares changing hands, with a gain of 30 cents at $2.45, for a 52 week’s high. Dolphin Cove traded with a gain of 45 cents to $13 with 5,000 shares, a loss of 4 cents, Lasco Distributors closed with 66,976 units trading 9 cents lower at $1.76, Lasco Financial Services traded 41,500 units to close at $1.90 after gaining 1 cent and Lasco Manufacturing with 1,179,233 units changing hands closed at $2.

Juniors just barely make new high

The JSE junior market rose to another all-time high on Tuesday with 2 stocks rising and 5 declining. The market gained a mere 0.01 point to close at a new closing high of 1,040.59.
At the close, 8 securities traded resulting in 769,557 units valued at $1,587,037 changing hands. The market ended with 5 securities closing with no bids to buy, while 6 had no stock being offered for sale and 3 stocks closed with bids higher than the last traded prices and only 1 with the offer being lower.
JM Trade 11-08-15Stocks trading are, Access Financial closed with a loss of 88 cents at $18.12 with 2,700 units changing hands, Cargo Handlers ended with 250 shares changing hands at $31, Caribbean Cream traded 345,244 units, gained 20 cents to close at $2. Derrimon Trading ended with 60,500 shares changing hands, with a loss of 20 cents to end at $2.15, General Accident trade 1,000 shares to close at $1.78 for a loss of 8 cents, Lasco Financial Services traded 30,000 units to close at $1.89 after falling 9 cents. Lasco Manufacturing with 251,363 units changing hands closed at $2, for a fall of 10 cents and Medical Disposables closed with 78,500 units trading 10 cents higher at $2.25.

Juniors just make another high

Lasco Distributors" hot new "I Cool" drink. The stock closed at an all time high on Monday.

Lasco Distributors” hot new “I Cool” drink. The stock closed at an all time high on Monday.

The JSE junior market rose to another all-time high on Monday as 3 stocks rose and 2 declined with Lasco Manufacturing adding 39 cents to close at $2.10. The market gained 1.20 points to close at a new closing high of 1,040.58 as two stocks closed at new 52 weeks’ high.
At the close, 6 securities traded resulting in 1,619,393 units valued at $3,244,958 changing hands. The market ended with 6 securities closing with no bids to buy, while 7 had no stocks being offered for sale and had 4 stocks with bids higher than the last traded prices and only 2 with the offers being lower. Stocks trading are, Blue Power JM - Trade 10-08-15closed with a loss of 72 cents at $12.28 with 1,758 units changing hands, Caribbean Cream traded 101,408 units but lost 15 cents to close at $1.80. Lasco Distributors traded 56,045 shares to close at $1.85 for a gain of 9 cents for a new 52 weeks’ high, Lasco Financial Services traded 172,500 units to close at $1.98 after gaining 8 cents. Lasco Manufacturing with 1,285,181 units changing hands, closed at $2.10 and Eppley 2019 preference share traded 2,000 units at $6.10 up 10 cents to a new 52 weeks’ high.

All JSE Index up 1,611 to 111,366 points

Gleaner Company traded at $1.53 at the opening with 28,300 units and now has a bid to buy 170,000 units at $1.50 and an offer to sell 99,000 at $1.88, the maximum price the stock can trade at is $1.69 today.
JSE Intra 7- 08-15The big trade is 793,675 units in Scotia Group, with the price rising $2 to $26, with Scotia Investments being the aggressive broker on the buy side. The stock was on offer at $26 with the bid at $23.66. Lasco Financial Services traded 1,350,000 units at 1.98.
In the process the All Jamaica Index trades at 111,366.23 up 1,611.70 points JSE Market Index fell 1,441.92 points to 100,585.24. The combined index gained 1,359.38 to be at 104,001.49 and the junior market index with only one stock trading was unchanged but with Lasco Manufacturing having a bid of $1.85 to but 8,500 units and an offer to sell at $2 the index could see changes soon.
Four stocks have declined at 10.30 am versus only two that rose out of just six that have traded, carrying a volume of 2,226,126 units.

Scotia in big index push

Scotia gained $2 this maorning

Scotia gained $2 this maorning

Gleaner traded at $1.53 up from $1.30 on Wednesday following the announcement of the merger of the Gleaner’s media operations with that of Radio Jamaica. The trade took place at the opening with 28,300 units, the stock now has a bid to buy 170,000 units at $1.50 and an offer to sell 99,000 at $1.88, the maximum price the stock can trade at is $1.69 today.
The real big issue is the trade of 793,675 units in Scotia Group rising $2 to $26 with Scotia Investments being the aggressive broker on the buy side. Lasco Financial Services traded 1,350,000 units at 1.98.
In the process the All Jamaica Index trades at 111,449.70 up 1,695.17 points JSE Market Index fell 1,516.60 points to 100,659.92.

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