Jul 2008 Financial News

Lascelles sees profit climb 36%

Jul 30, 2008

Lascelles deMercado Limited, buoyed by a robust $1.2 billion in net profits over the third quarter ended June 30, 2008 - more than doubling the amount earned over the corresponding quarter in 2007 is seeing a 36 per cent improvement in its year to date bottom line compared to the end of the same nine-month period last year.

As at June 30, 2008, Lascelles have posted $2.4 billion in net profit over the financial year, with all the major segments of the conglomerate playing a commendable role.

The star contributor was the firm's Investment segment, which earned $1.1 billion, or 85 per cent more than the corresponding nine-month period last year. This segment contributed marginally more than the company's flagship Liquor, Rums, Wines and Sugar division which grew by nine per cent to just over $1 billion.

Lascelles' Transportation Services division, which includes the distribution and servicing of motor vehicles, as well as aircraft handling, also put in a strong performance. This segment increased its earnings to $69.4 million, or 31 per cent over the comparative period last year.

The firm's Insurance and General Merchandise division improved by 12 and 10 per cent respectively, to contribute $466.3 million and $162 million in earnings.
Trinidadian firm Angostura last week completed the deal that gave them the majority stake in Lascelles.


Source:
The Jamaica Observer
Wednesday 30 July, 2008
http://www.jamaicaobserver.com/magazines/Business/html/20080729T230000-0500_138439_OBS_LASCELLES_SEES_PROFIT_CLIMB_____.asp