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LASCO Manufacturing Reporting Flat Second Quarter Revenues Of JA$2B.

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LASCO Manufacturing Limited is reporting in unaudited results for the second quarter ended September 30, 2019 flat revenues of JA$2.060B.

Reported revenue for 2018 was JA2.065B

Gross margin for the period was 37% up from 35% in the same period of the previous year.

Commenting on the results, Managing Director James Rawle, said the margin improvement was primarily the result of improvements in operational efficiencies.

Operating profit for the period was JA$359.2M compared to $364.3M recorded in the same period of the prior year.

Administrative Expenses were JA$391.8M or 13.8% higher than in the previous year resulting in an expense to sales ratio of 17% compared to 17.6% in the same quarter of the prior year.

Net Profit out-turn for the quarter was $280M, an increase of 5.5% on the net profit for the corresponding year’s quarter.

Commenting on the six month’s results, he reported that revenue was up marginally at $3.84 billion compared to $3.80 billion for the corresponding period of the previous year, a 1.3 % increase period on period.

Operating profit was $714 million versus $667 million in the prior year with Net Profit in the current year being $562.5 million or 12 % higher than the net profit realised in the corresponding six months of the prior year.

An interim dividend of per share totaling $249.9M was paid on June 28, 2019 to shareholders on record at the close of business at June 15, 2019.

 

https://businessuiteonline.com/index.php/2019/10/26/1-james-e-d-rawle-managing-director-lasco-manufacturing-limited-businessuite-2019-top-jamaica-junior-market-ceo-by-us-change-in-profit-after-tax/

https://businessuiteonline.com/index.php/2019/10/25/1-lasco-manufacturing-limited-businessuite-2019-top-jamaica-junior-market-company-by-us-profit-after-tax/

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Businessuite Markets

Higher Operating Costs And Margin Pressures Impacted Main Event’s Overall Q1 Profitability.

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Entering 2025 with a strategic focus on expanding revenue streams, strengthening client relationships, and maintaining financial discipline, the Company achieved revenue growth.
However, higher operating costs and margin pressures impacted overall profitability.

The Company reported revenues of $585.03M, representing a 3% or $17.28M increase over the $567.75M recorded in Q1 2024. This growth was primarily driven by a significant increase in revenue contribution from a previously underperforming segment, reflecting the success of targeted expansion efforts. While revenue remains below prior peak levels, the Company continues to recalibrate and drive demand through expanded service offerings and strengthened client engagements.

Gross profit for the quarter stood at $301.67M, reflecting a 4% decline from $315.82M in Q1 2024. This decline resulted from higher direct costs associated with event execution, infrastructure upgrades, additional non-recurring costs incurred during the period, and increased labour costs related to service delivery. Consequently, the gross margin contracted to 51.56% from 55.63% in the prior year. The Company remains focused on managing costs effectively to support long-term profitability.

Operating expenses increased to $218.72M, up 7.5% from $206.35M in Q1 2024. This rise was attributed to planned administrative enhancements, a significant one-off expenditure for the Company’s 20th Anniversary celebration, higher personnel costs, increased security and fuel expenses, and a 51% increase in amortisation expenses to $11.36M due to renegotiated lease agreements and the addition of a new lease.

Operating profit stood at $87.48M, a 24% decline from $115.28M in Q1 2024. Increased finance costs, stemming from renegotiated lease agreements and new lease additions, also impacted results.
Net profit for the quarter amounted to $73.67M, a 27% decrease from $100.25M in Q1 2024, influenced by lower gross margins, increased operational costs, and higher impairment charges. As a result, earnings per share (EPS) fell from $0.33 in Q1 2024 to $0.25 in Q1 2025.

Total assets grew by 6.4%, reaching $1,306.01M, up from $1,227.37M in Q1 2024. This increase was primarily driven by a 53% rise in receivables, reflecting expanded customer engagements, with several balances stemming from events executed near the period’s end. Short-term deposits increased to $250.24M from $236.50M, while cash and bank balances declined by 30% to $131.74M from $188.91M due to timing differences in collections and reinvestments.

Shareholders’ equity strengthened to $956.17M, reflecting a 5% increase over $912.66M in Q1 2024. This growth was primarily supported by retained earnings, demonstrating the Company’s ability to generate and reinvest profits efficiently.

Payables increased by 47%, rising to $229.58M from $156.38M in Q1 2024, mainly due to the timing of event executions towards the end of the quarter, resulting in higher accrued expenses related to supplier payments.

While the macroeconomic environment remains uncertain, the Company remains optimistic about the upcoming quarters. The focus will be on enhancing operational efficiencies to manage cost structures effectively and strengthening revenue streams through deeper market penetration and strategic partnerships. Additionally, the Company intends to use owned-events as a driver of revenue growth.
Our continued success is a testament to the dedication, creativity, and resilience of our exceptional team. Their ability to adapt and innovate in a dynamic industry ensures that we consistently exceed expectations and deliver outstanding experiences. Their dedication was especially evident during the holiday period, where they worked tirelessly to execute high-quality events, ensuring continued excellence in service delivery. We also recognise and appreciate the unwavering guidance of our Board; whose strategic leadership continues to drive our company’s growth and long-term vision.

Solomon Sharpe Chief Executive Officer

For More Information on Main Event Entertainment Group Limited (MEEG) Unaudited Results, Q1 – Three Months Ended January 31, 2025 (Revised) Click Here

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