Pulse Investments Limited (PULS) for the first quarter ended September 30, 2023, reported a 7% increase in operating revenue totalling $275.31 million compared to $257.59 million in the corresponding three months last year.
Administrative and other expenses amounted to $63.05 million (2022: $77.49 million), this represents a decrease of 19% year over year. Consequently, operating profit increased by 18% to $212.26 million compared to $180.09 million for the first quarter ended September 30, 2022.
Fair value appreciation on investment property decreased by 32% to close at $271.90 million (2022: $401.62 million). As a result, Profit before net finance costs for the first quarter amounted to $484.16 million, a 17% decrease relative to $581.71 million reported in 2022.
Finance Cost totalled $140,000, a 99% decrease from the corresponding period last year. (2022: $19.68 million).
Pre-tax Profit for the first quarter ended September 30, 2023, amounted to $484.02 million, a 14% decrease relative to $562.03 million reported in 2022.
There was no taxation recorded for the three months (2022: $500,000). Net Profit attributable to members for the three months amounted to $484.02 million, a 14% decrease from the $561.53 million reported in 2022.
Consequently, Earnings Per Share for the three months amounted to $0.07 (2022: EPS: $0.09). The twelve-month trailing EPS was $0.23, and the number of shares used in these calculations was 6,522,952,176.
Notably, PULS’s stock price closed the trading period on November 14, 2023, at a price of $2.17, with a corresponding P/E ratio of 9.46x.
Balance Sheet Highlights
The company’s assets totalled $11.89 billion (2022: $9.91 billion). This was attributed to a 19% increase in ‘investment property’ closing at $8.13 billion.
Shareholder’s equity was $9.57 billion (2022: $8.03 billion), representing a book value per share of $1.47 (2022: $1.23).
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