LASD reports dip in profit amid increased expenses
- Net profit reported by Lasco Distributors declined by 29.8% for the first quarter ending June 30, 2019. Net profit ended the quarter at $163.91Mn (EPS: $0.05) compared to $233.64Mn (EPS: $ 0.07) reported last year.
- The deterioration in performance can be attributed to an increase in the cost of sales (1.9%) together with increases also reported in operating expenses (9.7%) and a $5.48Mn rise in finance costs.
- The stock has fallen 11.3% since the start of the calendar year, closing yesterday’s trading session at $3.45 per share. At its current price, the stock now trades at a P/E of 22.32x earnings which is below the Junior Market Distribution sector average of 25.64x.
(Source: LASD Financials)