LASCELLES deMercado and Company has seen improvements in profits and balance sheet position for the first three months of its financial year ending December 31, 2002.
The conglomerate, which has interests in sugar, automotives, liquors, aircraft handling, general insurance and other areas, posted approximately $113 million in net profits, a 12 per cent increase compared to the same period in the year prior.
Operating profits were down, however, from $165 million to $158 million, due to increases in administrative, marketing and selling expenses that outstripped small gains made in lowering the cost of operations booked at $1.64 billion.
The earnings were carved from gross revenues of $2.7 billion, which also grew by $130 million when compared to the previous year's first quarter results.
Lascelles' net asset position also improved over the three months to $8 billion, a $100 million increase, with the majority of assets reflected in current assets, which amounted to $7.58 billion, including $2.8 billion of holdings in cash.
Current liabilities just topped $3 billion to reflect a $50 million decline in the companies short term debts.
