PULS reports 29% increase in year end net profits

September 1, 2020

Pulse Investments Limited (PULS), for the year ended June 30, 2020 reported that Revenue increased 9% year on year, closing the year at $678.07 million, up from $619.88 million in 2019, while for the fourth quarter revenue amounted to $202.99 million down 26% compared to the $274.56 million booked in 2019. 

Administrative and Other Expenses increased 5%, closing the year at $395.39 million relative to $376.59 million of last year. This resulted in gross profit increasing by 16%, closing the year at $282.68 million compared to the $243.29 million posted in 2019. For the quarter, however, PULS booked gross loss of $16.95 million compared to a gross profit of $41.53 million documented in the prior comparable period.

 Other income amounted to $583.67 million, an increase of 33% on the $439.80 million recorded for the 2019 financial year. The performance resulted from a fair value appreciation on investment property of $581.65 million compared to $439.80 million in 2019.

 This resulted in an operating profit of $866.35 million, an increase of 27% relative to the $683.09 million recorded last year. Finance Cost rose by 99%, closing the year at $12.66 million (2019: $6.36 million).

 Taxes of $13.32 million (2019: 23.49 million) were deducted for the year subsequent to a pre-tax profit of $853.69 million (2019: $676.73 million).

 Lastly, Net Profit rose by 29%, closing the year at $840.36 million, up from $653.24 million a year ago, while for the quarter Net Profit totalled $112.19 million relative to $324.23 million reported in 2019, a 65% decline.

 Total Comprehensive Income for the year amounted to $883.26 million relative to the $687.88 million booked in 2019, an uptick of 28%.

 Earnings per share amounted to $0.13 for the year relative to $0.10 in 2019. For the quarter, EPS closed at $0.02 (2019: $0.05). The number of shares used in the calculations is 6,522,952,176 units. PULS last traded on August 31, 2020 at $ 3.80.

Balance Sheet Highlights:

Assets totalled $4.70 billion, a year over year increase of 29% relative to the $3.65 billion booked the year prior. This movement was driven by an increase in ‘Investment Properties’ which closed at $3.09 billion (2019: $2.33 billion) and ‘Advertising Entitlements’ totalling $1.05 billion (2019: $868.76 million).

 Shareholder’s Equity as at June 30, 2020 stood at $4.09 billion (2019: $3.24 billion) resulting in book value per share of $2.51 (2019: $1.99).

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