Pulse records increased profits in third quarter period
DUring its third quarter period ended in March, Pulse investments Limited recorded increased profits of $366 million, over 40 per cent more than was achieved in the same period last year, days following the onset of the novel coronavirus pandemic in Jamaica.
Earnings for the nine-month period also increased by $200 million to total $928 million when compared to the previous year.
The lifestyle, entertainment and real estate company, which has been holding strain amid the slowing of activities since the pandemic, has managed to maintain steady income growth across most of its business segments despite the adverse operating environment.
The hospitality side of its business, which includes room and property rentals operated from its 22 Pulse Rooms at Trafalgar and Villa Ronai properties, was among the most affected due to major fallouts in tourism, a setback from which management is hoping to recover shortly due to widespread inoculation programmes globally.
“We are optimistic that we will see an uptick in this area as more of the world gets vaccinated. Similarly, significant growth is expected in those other areas of our business which will benefit from increased travel and the ability to socialise,” said Pulse Chairman Kingsley Cooper in responding to questions from the Jamaica Observer.
The company said that its model agency commissions, though slightly down, also remained buoyant due to the continued success of its top earning models in the resilient New York market.
Further commenting on the quarter’s performance, Cooper said that it aligned with the near- to-medium-term plans of the company which recently gained full ownership of Villa Ronai. With this acquisition and from the financing secured, Pulse is to embark on the roll-out of a number of pipeline projects including the completion its 30 Pulse Home two and three-bedroom development expected to come on stream within the next three years along with the installment of some new amenities at its Stony Hill-based flagship.
Cooper said that while these plans were pegged to significant post-pandemic growth, the company was anticipating more positive results into the next quarter.
“We expect the next quarter and our financial year to reflect results trending similarly to the March quarter,” he stated.
Despite increased administrative cost which climbed to $66 million during the period due to professional and other cost attached to the sourcing of new financing to fund projects, the company said it has maintained tight cost containments. Total assets at the end of the period rose to $ 5.7 billion, up from $4.5 billion for the corresponding period last year.