Tax charges cut into profit for Lasco Manufacturing
Increased tax charges of $217 million cut into year-end profits for Lasco Manufacturing Limited (LASM), which reported a net profit of $981.67 million for the 12-months ending March 2020.
The results compare to net profit $1.07 billion earned at year-end March 2019, when tax charges were $73.67 million.
Revenues for the year ended was $7.58 billion, compared to $7.56 billion for the comparative period ended March 2019.
Earnings per share for the year ended March 2020 stood at $23.85, down from $26.32 earned at March 2019.
The principal activities of LASM are the manufacturing of powder-based products, juice, drinks, water and the export of various Lasco-branded products.
The company has production lines in its liquid plant including the Lasco iCool range of water and juice drinks, hydration drink Lasco iDrade, carbonated beverage line Lyrix, and energy drink Konka.
Its dry products division features Lasco Food Drinks, Lasco LaSoy, Lasco enriched milk powder, Lasco Oats Porridge mixes and high protein — meal replacement Lasco Nutrify.
In 2019, the company completed the construction of a 65,000-square foot warehouse at its White Marl complex, at an approximate cost of US$5.2 million.
The new warehouse is slated for storage space for raw and packing materials as well as finished products of Lasco's liquid beverage manufacturing operations.
The company said growth in its liquid products portfolio has fuelled the need for additional warehousing space.
Lasco also expanded its dry products manufacturing plant by 12,000 square feet in 2019.