Increased Expense Sinks LASF Into Losses

• Despite a 13.4% (or $295.80Mn) increase in revenues, Lasco Financial Services Limited reported an audited net loss of $56.92Mn (EPS: -4.49¢) for the year ended March 31, 2020. This represents an almost five-fold decline from the $281.76Mn (EPS: 22.28¢) net profit made in the prior year.
• A 56.1% (or $429.20Mn) increase in selling and promotion expenses, a 22.9% (or $201.73Mn) rise in administrative expenses, as well as a 23.4% (or $39.55Mn) increase in finance costs drove this performance.
• The stock price has fallen 42.6% since the start of the year, closing Wednesday’s trading session at $2.49. At this price, LASF trades at a P/B of 2.04x, which is below the Junior Market Financial Sector Average of 2.57x.

(Source: LASF Financials)