Despite the prolonged effects of the novel coronavirus pandemic on its business, lifestyle and real estate company, Pulse Investments Limited (PIL) hauled in net profits of JM$1.46 billion for its financial year ended June.
This performance represents an almost 75 per cent increase, up from the JM$840.3 million in profits secured last year. Revenues for the year also increased to JM$1.93 billion or JM$667.5 million more than that of the prior year.
Chairman Kingsley Cooper, commenting on the results, deemed them gratifying especially within the challenging operating environment.
“They are a direct result of extremely hard work as well as the pursuit of strategies appropriate to the targeted results. This achievement will give us even more confidence as we press ahead into 2022,” he told the Business Observer.
The company made a number of strategic moves during the year, including its acquisition of the Villa Ronai property in Stony Hill that it held under a 50-year lease from the previous owner and retiring substantial levels of debt from its portfolio.
“Pulse’s new real estate initiatives, as well as the funding secured, mark the final phase of the company’s transition to a company with property at its core,” the entity said in the notes attached with its latest financials.
During the period, PIL reported slight rebounds in its hospitality businesses despite reduced occupancy levels as a result of the pandemic. This, as its Pulse Rooms at Trafalgar and Pulse Suites at Villa Ronai positively contributed to gains in the value of investment property secured for the year.
“Gains on investment property this year was [JM]$1.12 billion, up from [JM]$583.7 million in 2020,” the financials noted.
The company, after recently securing an additional [JM]$1.1 billion in bond funding, said that its most immediate objective was to break ground for the first phase of its two- and three-bedroom Pulse Homes housing project scheduled for completion in 2024. Cooper said that amid current successes, the intent was to carry forward the positive performance while positioning the company to further take advantage of a “resurgent hospitality sector along with new opportunities in the global model industry where new Pulse stars were emerging.”
“There are also some other opportunities that we are looking at, but nothing firm at this time,” the chairman added.