LASCO Distributors is reporting lower profits for the nine months ended December 31, despite continued revenue growth driven by strong demand in several product categories.
Net profit declined 18 per cent to $858 million.
For the nine-month period, total revenue grew 4.7 per cent to $23.8 billion.
In its unaudited financial statements, the company says third quarter revenue rose 8.1 per cent to $8.36 billion, supported by higher sales volumes.
Finance costs doubled and operating expenses climbed due to higher staffing, marketing and security costs.
As a result, net profit for the quarter fell to $278 million, down from $330 million a year earlier.
LASCO says Exports increased nearly nine per cent, reflecting the company's diversification push.
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