For the nine months ended March 31, 2020, Pulse Investment Limited (PULS) recorded operating revenue of $475.08 million, up 38% from the $345.32 million reported in 2019, while operating revenue for the three months ended March 31, 2020 was up 50% to close at $162.60 million (2019: $108.24 million).
Administrative and other expenses grew by 22%, closing the period at $175.44 million (2019: $143.56 million). For the three months ended March 31, 2020, administrative and other expenses amounted to $48.03 million relative to $42.51 million reported in the corresponding period of 2019; this represents a 13% increase.
As such, operating profit increased 49%, closing the nine months at $299.63 million (2019: $201.76 million). Operating profit, for the quarter ended March 31, 2020, amounted to $114.57 million relative to $65.73 million the previous comparable quarter.
There was a fair value appreciation on investment property of $436.24 million, a 231% increase on the $131.95 million recorded for the corresponding period of 2019. Fair value appreciation on investment property for the quarter was $145.41 million (2019: $43.98 million). Other income totalled $25,000 for the nine months ended March 31, 2020 (2019: nil).
As a result, profit before net finance costs for the nine months ended March 31, 2020 totalled $735.90 million relative to the $333.72 million in 2019. While for the quarter, profit before net finance costs amounted to $259.98 million (2019: $109.72 million).
Finance cost increased by 65%, closing the nine months period at $7.75 million (2019: $4.71 million). Meanwhile, finance income amounted to $28,000 for the nine months ended March 31, 2020 (2019: nil).
Consequently, net profit grew by 121%, closing the nine months period at $728.17 million, up from $329.01 million a year ago. Net profit for the three months ended March 31, 2020 amounted to $255.15 million, a 136% increase relative to $108.19 million reported in the same quarter of 2019.
Total comprehensive income for the nine months ended March 31, 2020 amounted to $769.45 million (2019: $341.68 million). While for the quarter, total comprehensive income amounted to $268.91 million (2019: $112.41 million).
Earnings per share amounted to $0.04 for the three months ended March 31, 2020 (2019: $0.02). For the nine months EPS totalled $0.11 (2019: $0.05). The twelve-month trailing EPS amounted to $0.16. The number of shares used in the calculations is 6,522,952,176 units. PULS stock price closed the trading period in May 06, 2020 at $2.00.
Balance Sheet Highlights
Total assets as at March 31, 2020 amounted to $4.61 billion, a year over year increase of 40% relative to the $3.29 billion booked the year prior. This was mainly due to a 47% increase in ‘Investment Property’ to $2.87 billion (2019: $1.95 billion). In addition, ‘Advertising entitlements receivable’ and ‘Property, Plant & Equipment’ closed at $1.07 billion (2019: $825.03 million) and $274.22 million (2019: $195.28 million), respectively.
Shareholder’s equity as at March 31, 2020 stood at $4.01 billion (2019: $2.92 billion) resulting in book value per share of $2.46 (2019: $1.79).
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