LASCO Financial posts 40 percent rise in net profit for year ending March

LASCO Financial Services has closed its financial year ended March with a marked improvement in earnings, even though Hurricane Melissa created operational setbacks.

Net profit reached $82.1 million, representing a 40 per cent increase compared with the year before. Operating profit also moved sharply higher, climbing by almost 33 per cent to $209.4 million.

Turnover held steady at roughly $2.15 billion. At the same time, spending fell by more than two per cent as the group kept a tight grip on costs throughout its business lines.

The company said the hurricane slowed activity in the third quarter, with some agents and microcredit clients affected, especially across western Jamaica. Even so, LASCO Financial credited a resilient, solutions-focused response with helping it bounce back and hold its place in the market.

Going forward, the firm said it will keep pushing efficiency and fresh ideas as it seeks to widen its share of the market and take advantage of emerging commercial openings.