Headwinds, softer markets lead to mixed results for Lasco companies
Published:Friday | June 13, 2025 | 12:10 AM
The Lasco affiliated companies, individually engaged in manufacturing, distribution and financial services, experienced mixed financial results for the year ending March, and have a cautious outlook on the current period.
Lasco Manufacturing Limited made net profit of $2.57 billion, up eight per cent over the year, while sales rose by three per cent to $12.42 billion.
“Despite various headwinds throughout the year and softening of the market for some categories, particularly in the third and fourth quarters, the company delivered creditable results,” said Managing Director James Rawle in the financial report.
“We remain alert to potential headwinds that could negatively impact our business,” he said.
The manufacturing company remains debt-free after paying off its $43 million in remaining loans a year ago.
At Lasco Distributors Limited, sales rose by 3.7 per cent to $30.26 billion, but the company saw its profit dip by 7.5 per cent dip to $1.34 billion as expenses grew faster than revenue. The company attributed the profit decline to absorbed cost increases and shifts in its product mix.
“The company remains firmly committed to delivering sustainable and profitable growth by strengthening its leadership in core categories, while accelerating development of diversified categories,” said Managing Director of Lasco Distributors John De Silva.
The most notable development was the growth in the healthcare category, supported by strengthened partnerships.
“The healthcare category, comprising of pharmaceutical business, delivered strong growth, driven by internal organizational transformation and strengthening external relationships,” de Silva said in the financial report.
During the year, Lasco Distributors received a $334 million long-term loan from First Caribbean International Bank, now CIBC Caribbean, amid expansion. It held no debt in 2024.
Lasco Financial Services Limited faced a tougher year, with net profit dropping to $58.6 million from $162 million a year earlier, while revenue declined to $1.81 billion from $2 billion.
“This year, we faced several challenges, including increased competition and economic uncertainties. In spite of these obstacles, we remained resilient and focused on our strategic priorities,” said Managing Director of Lasco Financial Jacinth Hall-Tracey.
The company, which is in the business of money services and microlending, is maintaining focus on digital financial solutions.
“We are confident that our continued focus on these areas will continue to increase our market share, capitalise on emerging opportunities and deliver sustainable value to our shareholders,” said Hall-Tracey.
Lasco Financial also reduced its debt to $625 million from $705 million a year earlier. Its assets fell by 7.6 per cent to $4.1 billion at year ending March 2025, but its liabilities dipped by more than twice, 19 per cent, resulting in a small increase in its capital by to 1.4 per cent to $2.3 billion.
Despite varied profit movements, the Lasco companies indicated that they remain focused on long-term innovation. The three affiliates are now chaired by James Rawle, who succeeded late founder Lascelles Chin after his death two years ago at the age of 86.