Pulse Investments Limited (PULS) for the nine months ended March 31, 2024, reported a 7% increase in Turnover totaling $845.45 million compared to $793.14 million in the corresponding period last year. Turnover for the third quarter had an 8% increase to close at $293.23 million compared to $270.55 million for the comparable quarter of 2023.
Administrative and other expenses amounted to $203.05 million (2023: $205.80 million), this represents a decline of 1% year over year. Consequently, operating profit grew 9% to $642.40 million compared to $587.34 million for the nine-month period. The company booked operating profit of $227.54 million for the third quarter versus $200.80 million reported for the similar quarter of 2023.
Fair value appreciation on investment property decreased by 32% to close at $815.69 million (2023: $1.20 billion). As a result, profit before finance costs for the nine months amounted to $1.46 billion, a 19% decrease relative to $1.79 billion reported in 2023.
Finance cost amounted to $420,000, a 99% decline from the corresponding period last year. (2023: $61.03 million).
There were no taxes recorded for the period. Consequently, net profit for the nine months amounted to $1.46 billion, a 16% decline from the $1.73 billion reported in 2023. For the third quarter, net profit was $499.29 million (2023: $581.77 million).
Consequently, Earnings Per Share for the nine months amounted to $0.22 (2023: EPS: $0.27), while Earnings Per Share for the quarter totaled $0.08 (2023: EPS: $0.09). The twelve-month trailing EPS was $0.20, and the number of shares used in these calculations was 6,522,952,176.
Notably, PULS’s stock price closed the trading period on May 20, 2024, at a price of $1.67 with a corresponding P/E ratio of 8.38x.
Balance Sheet Highlights
The company’s assets totalled $12.94 billion (2023: $11.25 billion). This was attributed to a 13% uptick in ‘investment property’ closing at $8.79 billion.
Shareholder’s equity was $10.58 billion (2023: $9.24 billion), representing a book value per share of $1.62 (2023: $1.42).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.