LASCO Financial Services Generating 18% More Revenues In 2019 Over 2018
LASCO Financial Services Limited’s (LFSL) 2019 first quarter transactions generated $99.9M or 18% more revenues than the corresponding period in 2018 to close the period with total revenue of $654.4M.
Commenting on the results Managing Director Jacinth Hall-Tracey, indicated to shareholders that this increase was driven by growth in transactions mainly from the loans business over the corresponding period.
Profit before taxation she said had a marginal decrease of 1%; moving from $131M in 2018 to $129.75M for the reporting period while Net Profit closed the quarter at $91.1M, a 9% decrease when compared with the corresponding quarter.
Total expenses increased by $93.9M or 25% as a result of transformational expenses, taxation, finance cost for working capital and growth in staff for which they are expecting to reap the associated synergies in the future.
LFSL the parent continues to focus on its core activities; Cambio and Remittance services in Jamaica while improving delivery channels and
LASCO Microfinance Limited concentrating on providing credit in pursuit of financial inclusion and to create an impact on economic development.
Total assets increased year over year by $481.2M or 14% to close the quarter at $4.0B. Though, there was a net increase in assets, cash and short term deposits decreased by $329m or 61% mainly due to continuous growth in the loans portfolio and an increase in other operational receivables which was subsequently settled after the quarter.
Management she said continues to implement strategies and initiatives to maximize on opportunities in the market and will continue to focus on superior financial performance, improvement and efficiencies in processes, the appropriate technology and to strengthen the relationships with staff, agents and customers to drive its strategic objectives for the 2019/2020 financial year and beyond.