Pulse Investments Limited (PULS) for the six months ended December 31, 2023, reported a 6% increase in Turnover totaling $552.22 million compared to $522.59 million in the corresponding period last year. Turnover for the second quarter had a 4% increase to close at $276.91 million compared to $265.00 million for the comparable quarter of 2022.
Administrative and other expenses amounted to $137.36 million (2022: $136.05 million), this represents an increase of 1% year over year. Consequently, operating profit increased by 7% to $414.86 million compared to $386.54 million for the six months ended December 31, 2022. The company booked operating profit of $202.60 million for the second quarter versus $206.45 million reported for the similar quarter of 2022.
Fair value appreciation on investment property decreased by 32% to close at $543.79 million (2022: $803.23 million). As a result, profit before net finance costs for the six months ended December 31, 2023, amounted to $958.65 million, a 19% decrease relative to $1.19 billion reported in 2022.
Finance Cost totalled $280,000, a 99% decrease from the corresponding period last year. (2022: $40.38 million).
Net Profit attributable to members for the six months ended amounted to $958.37 million, a 17% decrease from the $1.15 billion reported in 2022. For the second quarter, Net Profit attributable to members was $474.36 million (2022: $587.37 million).
Consequently, Earnings Per Share for the six months ended amounted to $0.15 (2022: EPS: $0.18), while Earnings Per Share for the quarter totaled $0.07 (2022: EPS: $0.09). The twelve-month trailing EPS was $0.21, and the number of shares used in these calculations was 6,522,952,176.
Notably, PULS’s stock price closed the trading period on February 13, 2024, at a price of $1.98 with a corresponding P/E ratio of 9.34x.
Balance Sheet Highlights
The company’s assets totalled $12.43 billion (2022: $10.64 billion). This resulted from a 16% increase in ‘Investment property’ closing at $8.47 billion.
Shareholder’s equity was $10.06 billion (2022: $8.64 billion), representing a book value per share of $1.54 (2022: $1.32).
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