The LAB reports net profit of over $49 million

Listed company The LAB is reporting increased net profit of $49.4 million for the six month period ended April.

This is up 143.7 percent compared to the corresponding period last year.

The LAB says this is due to higher gross profits from the agency segment and lower administrative expenses.

Administrative expenses decreased by $30.6 million or 18 percent in comparison to the corresponding period last year.

These decreases are primarily due to reduction in contractor and staff costs.

The consolidated Balance Sheet saw total assets increasing by $155.1 million or 17.4 percent to $1.04 Billion.

This increase in assets is driven by building and film studio facilities improvement and purchases of new production equipment to facilitate future growth.