Sunday, March 09, 2014
Pulse makes $44-million profitBY SHAMILLE SCOTT Business Reporter
MODEL and entertain-ment agency of the Caribbean, Pulse Investments (Pulse) more than quadrupled revenues in the face of increasing operating expenses.
The company's latest financial statements showed revenue climbing from $11.2 million, in the three months to March 31, 2011 to $60.6 million during the comparative period this year.
The profit made by Pulse was attributed to "significantly increased revenues over expenses for the period," said Kingsley Cooper, Pulse's executive chairman. The agency's increased revenue came from all business lines -- sponsorships, rents, production management, fees and model agency commissions.
Expenses increased by $24 million, from $16.1 million to $40 million during the quarter under review. Cooper said these increased costs were related to activities that contributed to the increase in revenues.
There has been an increase in the number of models and there are significant developments in the fashion industry taking place in the region.
"Pulse is directly behind much of this," Cooper told the Jamaica Observer. "Some of this is funded by regional and international development agencies."
Caribbean Fashion Week (CFW) which took place after the first three months of 2012 actually brought in some income for the review quarter.
"Some Caribbean Fashion Week business was generated earlier than usual in 2012," said Cooper. Most of CFW's revenues, however, was generated in our fourth quarter."
Majestic Sushi and Grill Restaurant is housed in one of Pulse's properties that contributed directly to the increase in income and profit for the agency. The restaurant is an independently owned operation, which pays rent to Pulse and covers all its own expenses, including utilities and maintenance.
The principal activities of Pulse are model agency representation, multimedia production, marketing, show production and sub-letting of leased properties.
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