LASCO Distributors Limited (LASD) is reporting revenues of $14.3 billion, an improvement which was driven by an increase in sales and distribution of LASCO Manufacturing products.

For the nine months ended December 31, 2019, the company saw a seven per cent increase in sales, up from $13.3 billion in the comparative period of 2018.

LASCO credited the robust performance of the recently launched iCool Reduced Sugar Juice Drink line and Grape flavoured iCool Water over the period.

Founder and Executive Chairman of LASCO Affiliated Companies The Honourable Lascelles Chin

“LASCO Distributors continues to focus on bringing innovative and affordable products to market. We are confident our existing products will continue to deliver strong growth over the remaining quarter of the financial year,” stated Founder and Executive Chairman The Honourable Lascelles Chin.

During the review period, LASCO also saw gross profit increase from $2.6 billion in the nine-month period of 2018 to $2.8 billion during the review period.

This improvement was recorded despite a six per cent increase in cost of sales, up from $10.7 billion in 2018 to $11.4 billion.

LASD also achieved a net profit of $557.5 million during the nine months, compared to $620 million in the corresponding period.

The nine months’ comparative decline in net profit was mainly attributable to the impact of foreign exchange losses, restructuring expenses and legal fees.

Operating expenses and finance costs increased during the review period, with finance costs at $12 million, compared to $474 million in the nine months ending December 2018. Expenses stood at $2.2 million, a marginal increase over the $2.1 million in the comparative period of 2018.

To manage the expanding business, LASD is keen on continuing to invest in route-to-market buildout.

Total assets at the end of December 2019 stood at $9.5 billion, an increase of 10.2 per cent over the corresponding period, while non-current assets stood at $2.2 billion, an increase of $293.1 million or 15 per cent over the corresponding period of 2018.

Inventories increased by one per cent over the prior year to close at $2.5 billion. Trade and other receivables increased by 17 per cent compared to the prior year, to close at $3.3 billion while trade and other payables increased by 15 per cent to close at $3.7 billion.

Cash and short-term investments, taken together closed the period at $1.4 billion compared to $1.3 billion for the same period of 2018. Total loans owing at the end of the period was $113.3 billion compared to $193.3 million in the previous year.

At the end of December 2019, total shareholders’ equity was $5.6 billion, which was $392.9 million or eight per cent over the prior year.

In the area of Corporate Social Responsibility, LASD, in partnership with the LASCO Chin Foundation and the Ministry of Education Youth and Information (MoEYI), hosted the annual Teacher and Principal of the Year Award. Bhagya Malladi, an astute professional with a wealth of technical skills emerged as the Teacher of the Year; while Lynton Weir, was declared the Principal of the Year.