The Board of Directors of LASCO Manufacturing Limited generated a revenue of nearly 7-percent, an increase of 6-percent for the year ended March 31.
This is $380-million over the prior year. Gross profit grew to over $2.5-billion. Gross profit grew by 7-percent from $2-3-billion representing 37-percent of revenues.
The Operating Profit was just over $1-billion, a decrease of 6-percent versus the prior year.
This, due to a significant increase in marketing and promotional investments to support the brands in the local market, including launch support for several new products, and marketing support to complement the export thrust in CARICOM Markets.
This increase in marketing and promotional expenses resulted in operating expenses increasing by 20-percent to $1.4-billion compared to $1.2-billion in the prior year.
Net profit of over 7-hundred million dollars was impacted by the increased operational expenses and a non-cash adjustment to deferred taxes.
Net Profit declined by 14-percent compared with over $800-million in the prior year.