Pulse reports $720M net loss; auditors flag going concern uncertainty

Pulse Investments reported a net loss of $720 million in its fourth quarter, which resulted in a full-year loss of $349 million. Directors recognized a $633.8 million impairment provision against advertising entitlements, with $500 million being an additional charge because none of the entitlements have been used or sold in three years. Additionally, Pulse received a payment holiday on interest and principal from its bondholder, leading to an accumulation of $148.9 million in unpaid interest.

The financial results, including the material uncertainty over going concern flagged by Baker Tilly, significantly impact Pulse's financial stability. The company's annual turnover fell to $148.1 million, with rental income from Trafalgar Road and Villa Ronai accounting for 95 per cent of the total.