LASCO Financial Services is reporting improved earnings for its third quarter, despite lingering disruptions from Hurricane Melissa and operational challenges affecting remittance services.
In unaudited results for the nine months ended December 31, the company recorded total income of $1.67 billion. That's a 5 per cent increase over the same period last year, supported by a rebound in remittance transactions.
However, management says growth was tempered by the closure of several agent locations in central and western Jamaica following the hurricane.
Net profit for the period was $90.2 million, a major turnaround from a loss of nearly $15 million a year earlier.
For the December quarter alone, total income rose 9 per cent to $549 million, while profit from operations climbed sharply to $36.6 million. The company posted a small net profit of $1.8 million for the quarter, reversing a $24 million loss in the same period last year.
LASCO says remittance volumes have not yet returned to 2024 levels, due partly to operational issues at its key partner, MoneyGram.
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