PULS reports 19% increase in six months net profit

February 08, 2021

Operating revenue increased by 7% amounting to $333.92 million in the six months period relative to $312.48 million in the prior year. For the quarter, operating revenue closed at $167.24 million (2019: $163.21 million).

Administrative and other expenses amounted to $123.85 million compared to $127.41 million, a 3% decrease year over year. As a result, operating profit increased 14% closing the period at $210.07 million (2019: $185.07 million). While for the quarter, operating profit climbed 15% totalling $98.90 million (2019: $86.13 million).

Fair value appreciation on investment property rose 22% to $355.56 million compared to the $290.82 million recorded for the prior year’s corresponding period. For the quarter, fair value appreciation on investment property closed at $165.28 million (2019: $145.41 million).

Consequently, profit before net finance cost improved 19% to $565.63 million up from $475.89 million reported in the prior year. For the quarter, profit before bet finance cost amounted to $264.18 million (2019: $231.55 million).

Finance costs jumped for the six months ended December 2020 to $4.20 million relative to $2.92 million documented in the prior year. For the quarter, finance cost closed at $4.20 million (2019: $1.29 million).

As a result, net profit totalled $561.42 million, a 19% improvement relative to the $473.02 million in 2019. For the quarter, net profit closed the period at $259.98 million (2019: $230.31 million)

Gain on leasehold revaluation totalled $28.27 million versus $27.52 million a year ago. As such, total comprehensive income amounted to $589.70 million relative to $500.54 million in 2019.

The earnings per share (ESP) for the six-month period amounted to $0.09 when compared to $0.07 reported for the prior year’s corresponding period. While the EPS for the quarter amounted to $0.04 (2019: $0.04). The twelve months trailing earnings per share amounted to $0.14. The number of shares used in this calculation was 1,630,738,044 units. The stock traded at $4.93 as at February 05, 2021, with a corresponding P/E of 34.62

Balance Sheet Highlights:

The company as at December 31, 2020, recorded total assets of $5.27 billion, an increase of 21% when compared to $4.34 billion recorded last year. This was due to an increase in the company’s ‘Investment Properties’ which moved up to $3.45 billion, $760.47 million more than 2019’s $2.89 billion.

Total Stockholders’ Equity as at December 31, 2020 closed at $4.68 billion, a 25% increase from $3.74 billion for the corresponding period last year. This resulted in a book value of $0.72 compared to the value of $0.57 as at December 31, 2019.


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