Lasco Financial Services Limited’s (LFSL) revenues climbed but with higher spending for administration and marketing, profit after tax dipped to $60.6 million for its second quarter ending September 2018 or 39 per cent less than a year earlier.
“The loans business though faced with aggressive competitive activity from other microfinance companies and commercial banks, is still able to carve out a market share to the benefit of its customers,” stated Lasco in the preface to its financials.
The company intends for the second half of the financial year to expand services to its customers.
The company grew with revenues of $586.7 million versus $396 million a year earlier for the quarter. It continues to benefit from its acquisition of Scotia Jamaica Microfinance Company, a year ago which grew its revenues by some 60 per cent.