Pulse profits outpace revenue on property revaluations

Pulse Investments Limited’s December 2025 second quarter reflected profits that leaned heavily on unrealised gains from property revaluations, and relatively thin cash generation. That translated to net profit of $125.7 million for the quarter, which surpassed operating revenue of $34.7 million. That was due to revaluation gains of $107.7 million. A similar situation played out a year earlier, when profit totalled $174 million on revenue of $135.9 million.