Pulse Investments Limited (PULS)
Audited financials for the year ended June 30, 2026:
Pulse Investments Limited (PULS) for the year ended June 30, 2026, reported a 6% decrease in Turnover totaling $148.05 million compared to $157.49 million in the corresponding period last year. Rental income, which accounted for $140.20 million or 95% of turnover, fell 7% from $151.35 million.
Other impairment losses amounted to $633.76 million (2025: losses of $133.76 million), an increase of 374% year over year.
Administrative and other expenses increased by 1% to $93.57 million compared to $93.04 million for the year ended June 30, 2025.
Impairment on financial assets was a net reversal of $1.60 million (2025: losses of $2.58 million).
No unrealized fair value gains were recognised on investment properties in the period under review (2025: $410.36 million).
Other operating income for the year ended June 30, 2026, amounted to $46.59 million, a 745% increase relative to $5.51 million reported in 2025.
Consequently, the company reported an Operating loss of $531.08 million for the year ended June 30, 2026, a swing from the operating profit of $343.99 million reported in 2025.
Finance Cost totalled $12.41 million, an 8% increase from the corresponding period last year (2025: $11.50 million).
Loss before Taxation for the year ended June 30, 2026, amounted to $543.49 million, a swing from the pre-tax profit of $332.48 million reported in 2025.
Tax credit for the year ended June 30, 2026, amounted to $194.26 million (2025: tax credit of $25.17 million), an increase of 672%. As such, Net Loss for the year amounted to $349.23 million, a swing from the net profit of $357.65 million reported in 2025.
Consequently, Loss Per Share for the year amounted to $0.05 (2025: EPS: $0.05). The twelve-month trailing LPS of $0.05, and the number of shares used in these calculations was 6,522,952,176. Notably, PULS’s stock price closed the trading period on November 2, 2026, at a price of $1.01.
Balance Sheet Highlights
The company’s assets totalled $11.62 billion (2025: $12.10 billion). The movement in total assets was primarily attributable to a 28% decrease in ‘Advertising Entitlements’ amounting to $1.59 billion (2025: $2.23 billion), reflecting the impairment charge for the year, a 32% increase in ‘Development Expenditure’ to $693.57 million (2025: $526.81 million), driven by $172.36 million of capitalised bond interest, and a 16% decrease in ‘Cash and Cash Equivalents’ to $28.31 million (2025: $33.58 million).
The $975.62 million bond, carried at $964.09 million net of transaction costs, matures on June 29, 2027, and is now classified as a current liability (2025: $803.64 million within non-current liabilities). Total current liabilities were $1.05 billion (2025: $204.93 million), and current liabilities exceeded current assets by $1,017.79 million.
Shareholders’ equity was $9.30 billion (2025: $9.61 billion), representing a book value per share of $1.43 (2025: $1.47). The decrease in equity reflects the net loss of $349.23 million, partly offset by $33.61 million of unclaimed dividends written back to retained earnings.
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