Lasco Financial Services Reports Increase in Net Profit for Q3

• For the nine-month period ending December 31, 2018, Lasco Financial Services Limited reported an unaudited net profit of $267.7Mn (EPS: $0.21), representing a 20.9% increase relative to the $221.6Mn profit (EPS: $0.18) reported in the corresponding period of 2017. These results reflect the progress of the business one year after the acquisition of Scotia Jamaica Microfinance Limited now renamed LASCO Microfinance Limited.

 

• The year to date income from core activity increased by 50% from $1,088Mn to $1,629Mn whereas other income grew by 248% to $190Mn. This resulted in an overall increase in income of $618.4Mn. All business lines continue to contribute positively to the increase in revenues.

 

• Operating expenses for the nine-month period grew by 55% from $819Mn to $1,271Mn when compared with the previous financial year. This is mainly due to the expenses from the subsidiary and general growth in business which would not have been reflected in the previous year.

 

• Lasco Financials stock price is up approximately 2.89% since the start of the calendar year, closing yesterday’s trading session at $4.63. At this price the stock is trading at a P/E of 19.50x which is below the Junior Market Financial Sector average of 20.79x.

 

(Source: Lasco Financial Services Limited Financials)