PULS reports 25% increase in six months net profit

Date: February 14, 2019

Operating revenue increased by 9% amounting to $237.09 million in the six months period relative to $216.79 million in the prior year. For the quarter, operating revenue closed at $108.02 million (2017: $ 97.41 million).

Administrative and other expenses amounted to $101.05 million compared to $97.65 million, a 3% increase. As a result, operating profit increased 14% closing the period at $136.03 million (2017: $119.14 million). While for the quarter, operating profit climbed 30% totalling $59.99 million (2017: $46.03 million).

Fair value appreciation on investment property surged 48% to $87.97 million compared to the $59.27 million recorded for the prior year’s corresponding period. For the quarter, fair value appreciation on investment property closed at $43.98 million (2017: $30.87 million).

Consequently, profit before bet finance cost improved 26% to $224 million up from $178.41 million for the comparable period in the prior year. For the quarter, profit before bet finance cost amounted to $103.98 million (2017: $76.90 million).

Finance costs jumped for the six months ended December 2018 to $3.18 million relative to $1.47 million in the previous corresponding year. For the quarter, finance cost closed at $1.60 million (2017: $800,000).

As a result, net profit totalled $220.82 million, a 25% increase relative to the $176.94 million in 2017. For the quarter, net profit closed the period at $102.38 million (2017: $76.10 million)

Gain on leasehold revaluation totalled $8.45 million versus $4.95 million a year ago. As such, total comprehensive income amounted to $229.27 million relative to $181.89 million in 2017.

The earnings per share (ESP) for the six-month period amounted to $0.14 when compared to $0.11 reported for the prior year’s corresponding period. The twelve months trailing earnings per share amounted to $0.21. The number of shares used in this calculation was 1,630,738,044 units. The stock traded at $2.70 as at February 14, 2019.

Balance Sheet Highlights:

The company as at December 31, 2018, recorded total assets of $3.13 billion, an increase of 18% when compared to $2.66 billion recorded last year. This was due to an increase in the company’s ‘Investment Properties’ which moved up to $1.88 billion, $310.91 million more than 2017’s $1.57 billion.

Total Stockholders’ Equity as at December 31, 2018 closed at $2.81 billion, a 14% increase from $2.47 billion for the corresponding period last year. This resulted in a book value of $1.72 compared to the value of $1.51 as at December 31, 2017.


Analyst Certification -This research report is for information purposes only and should not be construed as a recommendation. 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.