Pacific Star Development board issues guidance for Q1 net loss

PACIFIC Star Development is expected to report a first-quarter net loss, with sales at Puteri Cove Residences taking a hit from tough market conditions, the board warned in the wee hours of Tuesday.

The projected losses, for the three months to Sept 30, were attributed to lower revenue during the quarter, based on a preliminary review of draft financial results.

The first phase of the Puteri Cove project got its certificate of completion and compliance from the Malaysian state authorities in February.

Pacific Star's unaudited results are slated for release by Nov 14. The group changed its financial year-end from Dec 31 to June 30 in November 2017.

"In the meantime, shareholders of the company are advised to exercise caution when dealing in the shares of the company," the board said in its profit guidance.

Pacific Star last closed down by 3.3 Singapore cents, or 22.92 per cent, at S$0.111 on Monday.