Even with COVID-19 slowing down Pulse’s Investment Limited’s plans, the modelling management and real estate company still generated a 13 per cent increase in net profit to $260 million for the second quarter ending December 31, 2019.

The company, which generates most of its core income from its model agency, rental of leasehold properties plus sponsorships and entitlements, saw its revenue rise by a modest two per cent to $167.2 million. Total expenses fell by 11 per cent to $68.3 million as the company executed fewer activities during the quarter. A 14 per cent increase in fair value appreciation on its investment property of $165.3 million left it with an operating profit 14 per cent higher at $264.2 million.

After finance costs of $4.2 million and a gain on leasehold revaluation, Pulse’s total comprehensive income closed out the period 12 per cent higher at $274.1 million. Earnings per share (EPS) remained flat at $0.04 due to the three-to-one stock split last year which resulted in outstanding shares around 6.5 billion units. Net profit for the six months ended 19 per cent higher at $561.4 million with an EPS of $0.09.

Total assets stood 21 per cent higher at $5.3 billion mainly due to the growth in investment property valuation of $3.4 billion. Total liabilities were two per cent lower at $595.5 million with shareholder’s equity up by 25 per cent to $4.7 billion. The company refinanced its global bond valued at $254.2 million with another undisclosed loan during the quarter. Pulse’s board will consider a dividend of $0.005 ($32.6 million) at its upcoming board meeting. Pulse expects to open up its 68 rooms at Villa Ronai during the quarter with its Trafalgar Road location now facilitating business suites.