PULS reports 109% increase in first quarter net profit

November 8, 2019

Pulse Investments Limited (PULS), for the three months ended September 30, 2019 reported operating revenue which increased by $20.21 million to $149.27 million in the first quarter relative to $129.06 million the prior year, representing a 16% increase.

Administrative and other expenses amounted to $50.34 million (2018: $53.02 million), a decrease of 5% year over year. As a result, operating profit improved by 30% to close the period at $98.93 million (2018: $76.04 million).

Fair value appreciation on investment property climbed to $145.41 million compared to the $43.98 million recorded for the prior year’s corresponding period, a 231% uptick.

Consequently, profit before net finance costs improved 104% to $244.35 million up from $120.02 million for the comparable period in the prior year.

Finance costs jumped for the first three months ended September 2019 to $1.63 million relative to $1.58 million the previous year.

As a result, net profit totalled $242.71 million, a 105% increase relative to the $118.44 million in 2018.

Gain on leasehold revaluation totalled $13.76 million versus $4.22 million a year ago. As such, total comprehensive income amounted to $256.47 million relative to $122.67 million in 2018.

The earnings per share (ESP) for the three-month period amounted to $0.149 when compared to $0.073 reported for the prior year’s corresponding period. The twelve months trailing earnings per share amounted to $0.48. The stock traded at $4.49 as at November 7, 2019. The number of shares used in this calculation was 1,630,738,044 units.

Balance Sheet Highlights:

The company, as at September 30, 2019, recorded total assets of $3.89 billion, an increase of 28% when compared to $3.03 billion recorded last year. This was due to an increase in the company’s investment properties which rose to $2.50 billion, $686.35 million more than 2018’s $1.81 billion.

Total Stockholders’ Equity as at September 30, 2019 closed at $3.49 billion, a 29% increase from $2.70 billion for the corresponding period last year. This resulted in a book value of $2.14 compared to the value of $1.66 as at September 30, 2018.

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