Total comprehensive grew to J$970.41 million

Entertainment and investment company Pulse has seen its net profit growing by 27 per cent in the last three quarters that ended March 31, 2021.

Net profit grew to $928 million, up from J$728.17 million a year ago. Net profit for the March quarter amounted to $366.57 million, a 44 per cent increase relative to $255.15 million reported in the same quarter of 2020.

As a result, profit before net finance costs for the nine months ended March 31, 2021 totalled $939.62 million relative to the $735.90 million in 2020. While for the quarter, profit before net finance costs amounted to $373.99 million coming from $259.98 million in 2020.

As such, operating profit increased 14 per cent, closing the three quarters at $340.64 million, up from the $299.63 million booked for the same period in 2020. Operating profit for the third quarter amounted to $130.57 million relative to $114.57 million  posted in the previous comparable quarter.

Operating revenue also up 12 per cent

For the last three quarters, Pulse Investments recorded operating revenue of $530.57 million, up 12 per cent from the $475.08 million reported in 2020, while operating revenue for the third quarter was up 21 per cent to close at $196.65 million. Administrative and other expenses grew by eight per cent, closing the period at $189.92 million coming from $175.44 million in 2020.

During the last quarter, administrative and other expenses amounted to $66.07 million, up from $48.03 million reported in the corresponding period of 2020. This represents a 38 per cent increase.

There was a fair value appreciation on investment property of $598.97 million, a 37 per cent increase on the $436.24 million recorded for the corresponding period of 2020. Fair value appreciation on investment property for the quarter was $243.41 million, up from the $145.41 million posted for the comparable period in 2020.

Finance cost increased by 50 per cent, closing the nine-month period at $11.62 million, up from the 2020 amount booked at $7.75 million. Meanwhile, no finance income was recorded for the third quarter.

Total comprehensive income also rising

Total comprehensive income for the nine months increased to $970.41 million, while for the quarter, total comprehensive income amounted to $380.71. Total assets as at March 31, 2021 amounted to $5.77 billion, a year over year increase of 26 per cent relative to the $4.58 billion booked the year prior.

This was mainly due to a 33 per cent increase in investment property to $3.82 billion (2020: $2.87 billion). In addition, ‘Advertising entitlements receivable’ closed at $1.28 billion (2020: $1.07 billion).

Shareholder’s equity as at March 31, 2021 stood at $5.06 billion (2020: $3.97 billion) resulting in book value per share of $3.10 (2020: $2.44).