Executive Chairman of Pulse Investments Kingsley Cooper said the company is optimistic about its model management business, as a new focus on black models, especially in New York, creates new expansion opportunities.
This as model commissions totalled $46.1 million for the year ended June 2020, down from $59.9 million in 2019.
Meanwhile, Kingsley noted that pandemic resilient media content production and distribution (largely TV shows), property rentals and investment property were sufficient to offset reductions from Pulse Rooms, CFW and model agency commissions.
Pulse recorded gains across most lines of business including media content production and distribution, as well as property rentals and gains on investment property.
The company increased its profits by 28.7 per cent for year ended June 30, 2020, moving from $687.9 million in 2019 to $883.3 million this year.
This was made on revenues of $1.32 billion, up 21.1 per cent, up from $1.09 billion for the similar period in 2019.
Earnings per share also rose, increasing to 13 cents from 10 cents in prior year, adjusting for the 4 for 1 stock split effected in March 2020.
TV revenues were up 24.2 per cent, moving from $253.3 million in 2019 to $314.5 million as at June 30, 2020.
Cooper said model agency commissions were down, as was income from Pulse Rooms and live event ticket sales, all a result of the impact of COVID 19.
Property rentals moved from $88 million in prior year to $94.4 million in 2020.
Gains on investment property reflected a 32.7 per cent increase, moving from $439.8 million in 2019 to $583.7 million this year, as the value of an expanding portfolio of new and existing real estate investments increased, Cooper outlined.
The company chairman said the new lifestyle village at Villa Ronai, consisting of suites, spa, wedding and fashion centre at Villa Ronai, will be ready to commence business, as soon as the pandemic subsides sufficiently.
For the year ended, administrative and other expenses for the company increased by 4.9 per cent, up from $376.6 million in 2019 to $395.4 million as at June 30, this year.
Cooper stated, “Expenses were tightly contained in the last quarter of 2020, given the COVID challenges and the resulting closure of Pulse Rooms, plus the cancellation of Caribbean Fashion Week.”