Business

Pulse nets $55m profit

Wednesday, January 08, 2014    

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THE Kingsley Cooper-led Pulse Investments recorded $55 million net profit for its September quarter 2013.

The 6.4 per cent increase in earnings reflected slightly higher revenues and flat core expenses year on year.

It resulted in $33 million in profit from core operations and an additional $21 million from revaluations in its investment property.

In September, Pulse announced that it would aim to monetise its Villa Ronai, St Andrew property by upgrading the venue and launching business and wedding centres.

The move aims to attract income from the lucrative wedding market and perennial business functions.

Cooper acquired the property located in Stony Hill, St Andrew in the 1990s.

Currently the venue houses the Japanese restaurant Majestic Sushi and the Everblazin Bar, Lounge and Boutique launched by Italian entrepreneur Milica Pesic.

Two additional restaurants are scheduled to open at the venue in coming months, according to Pulse.

The net profit translated in the cashflow statement as $11.5 million in cash and equivalents at the end of the period or a $1.3 million rise in net cash and equivalents, financials indicated.

The company, which started trading in 1993, offers model agency services, subletting, lease-hold property and multi-media production services.

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