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).
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