PULS reports 17% increase in first quarter net profit

Date: November 20, 2018

Pulse Investments Limited (PULS), for the three months ended September 30, 2018 reports operating revenue which increased by $9.68 million to $129.06 million in the first quarter relative to $119.38 million the prior year, this represents an 8% increase.

Administrative and other expenses amounted to $53.02 million (2017: $46.27 million), an increase of 15%. As a result, operating profit increased by 4% to close the period at $76.04 million (2017: $73.11 million).

Fair value appreciation on investment property climbed to $43.95 million compared to the $28.40 million recorded for the prior year’s corresponding period, a 55% uptick.

Consequently, profit before net finance costs improved 18% to $120.02 million up from $101.51 million for the comparable period in the prior year.

Finance costs jumped for the first three months ended September 2018 to $1.58 million relative to $670,000 the previous year.

As a result, net profit totalled $118.44 million, a 17% increase relative to the $100.84 million in 2017.

Gain on leasehold revaluation totalled 4.22 million versus $2.47 million a year ago. As such, total comprehensive income amounted to $122.67 million relative to $103.31 million in 2017.

The earnings per share (ESP) for the three-month period amounted to $0.07 when compared to $0.06 reported for the prior year’s corresponding period. The twelve months trailing earnings per share amounted to $0.20. The stock traded at $3.60 as at November 20, 2017. The number of shares used in this calculation was 1,630,738,044 units.

Balance Sheet Highlights:

The company, as at September 30, 2018, recorded total assets of $3.03 billion, an increase of 17% when compared to $2.58 billion recorded last year. This was due to an increase in the company’s investment properties which moved up to $1.81 billion, $285.39 million more than 2017’s $1.52 billion.

Total Stockholders’ Equity as at September 30, 2018 closed at $2.70 billion, a 13% increase from $2.39 billion for the corresponding period last year. This resulted in a book value of $1.66 compared to the value of $1.47 as at September 30, 2017.

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