Big jump in investment properties’ which moved up to $3.45 billion

Profits at Jamaican entertainment and real estate outfit, Pulse Investments continue to rise with the latest half year out-turn showing a 19 per cent increase to J$561.42 million.

This is coming from $473.02 million reported for the comparable period in 2019. For the December 2020 quarter, net profit closed at $259.98 million compared with the 2019 amount of $230.31 million.

For the six-month period ended December 31, 2020, profit before net finance cost improved 19 per cent to $565.63 million, up from $475.89 million reported in the prior year. For the quarter, profit before net finance cost amounted to $264.18 million, up from the $231.55 million reported for the same period in 2019.

Finance costs for the period under review jumped to $4.20 million relative to $2.92 million documented in the prior year. For the quarter, finance cost closed at $4.20 million, up from the 2019 amount of $1.29 million.

Operating revenue increased by seven per cent amounting to $333.92 million in the six-month period relative to $312.48 million in the prior year. For the quarter, operating revenue closed at $167.24 million.

Marginal decline in expenses

Administrative and other expenses amounted to $123.85 million compared to $127.41 million, a three per cent decrease year over year. As a result, operating profit increased 14 per cent closing the period at $210.07 million compared to $185.07 million in 2019.

For the quarter, operating profit climbed 15 per cent to $98.90 million coming from the $86.13 million posted in 2019. Fair value appreciation on investment property rose 22 per cent 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. Gain on leasehold revaluation totalled $28.27 million for the half-year period versus $27.52 million in 2019.

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 in 2019, while the EPS for the quarter amounted to $0.04 (2019: $0.04).

The 12 months trailing earnings per share amounted to $0.14. As at December 31, 2020, Pulse recorded total assets of $5.27 billion, an increase of 21 per cent 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 per cent 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.