Pulse Investments Limited (PULS)
Unaudited financials for the nine months ended March 31, 2026:
Pulse Investments Limited (PULS) for the nine months ended March 31, 2026, reported a 72% decrease in Operating revenue totaling $109.71 million compared to $388.20 million in the corresponding period last year. Operating revenue for the third quarter had a 65% decrease to close at $41.56 million compared to $119.83 million for the comparable quarter of 2025.
Administrative and other expenses amounted to $56.71 million (2025: $204.77 million), this represents a decrease of 72% year over year. Consequently, operating profit decreased by 71% to $53.00 million compared to $183.43 million for the nine months ended March 31, 2025. The company booked operating profit of $18.06 million for the third quarter versus $53.09 million reported for the similar quarter of 2025.
Unrealized fair value appreciation on investment property increased by 3% to close at $318.05 million (2025: $307.77 million). For the third quarter, fair value appreciation was broadly flat at $102.61 million versus $102.59 million reported for the similar quarter of 2025.
No taxes were reported, and no finance costs were recognized during the period. As such, Net Profit for the nine months amounted to $371.05 million, a 24% decrease from the $491.20 million reported in 2025. For the third quarter, Net Profit was $120.67 million (2025: $155.68 million), a decrease of 22%.
Total comprehensive income for the nine months amounted to $371.05 million versus $545.63 million in 2025, with the prior period benefiting from a $54.43 million gain on leasehold revaluation that did not recur in the current period.
Consequently, Earnings Per Share for the nine months amounted to $0.06 (2025: EPS: $0.08), while Earnings Per Share for the quarter totaled $0.02 (2025: EPS: $0.02). The twelve-month trailing EPS was $0.04, and the number of shares used in these calculations was 6,522,952,176.
Notably, PULS’s stock price closed the trading period on May 18, 2026, at a price of $0.90 with a corresponding P/E ratio of 24.45x.
Balance Sheet Highlights
The company’s assets totalled $12.41 billion (2025: $12.27 billion). The movement in total assets was mainly due to a $488.89 million increase in Investment Properties to $9.00 billion, partially offset by a $225.30 million decrease in Advertising Entitlements Receivable and the closure of Investment Properties Held for Sale, which declined by $68.25 million during the period.
Shareholder’s equity was $9.99 billion (2025: $9.75 billion), representing a book value per share of $1.53 (2025: $1.49).
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