Peter Chin appointed Lasco deputy chair
Managing director of Lasco Distributors Limited, Peter Chin, has been appointed deputy chairman of all three Lasco affiliate companies, effective April 4.
Chin, who will continue in his current role as MD of Lasco Distributors, said he will act "on behalf of Chairman Lascelles Chin, in his absence and as per his instructions", regarding the stewardship of the entities.
The sister companies to the distribution outfit are Lasco Manufacturing Limited and Lasco Financial Services Limited. Together, the three outfits posted combined profit of $1.7 billion at year end March 2016, up 29 per cent from $1.3 billion in 2015.
LASD is the top revenue earner of the three - accounting for $14.5 billion at year end - but was second in contribution to profit behind the manufacturing operation, whose goods it distributes.
"With respect to LASD, the company is growing at a fast pace and several measures are in place with respect to the management structure and operations, which will enable strong, sustainable growth," Chin said via email.
He said his role of assisting all three entities with specific projects will also continue as the companies continue to push for growth.
"Whilst the chairman works closely with the leadership of each company in specific areas, the management teams of each affiliate plan, execute and manage their operations as per the strategic objectives of each entity," the deputy chairman said.
Lasco companies at March 2016:
Distributors $717m $14.5b
Financial $203m $870m
Manufacturing $826m $6.6b